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NZDUSD Buyers Challenge Friday's Breakdown
The NZDUSD closed Friday below the 0.6350 key level. You can see how 0.6350 has influenced the pair since September 25. However, so far on Monday, the New Zealand dollar is challenging Friday’s breakdown with a gap up and 30 pip rally. But this shouldn’t be a surprise to those who watched the latest Weekly Forex Forecast video. In that video, I reminded viewers that this NZDUSD close below 0.6350 occurred on a Friday, which means lower than usual volume. That can sometimes translate to false breaks. Just keep in mind that it’s going to take a daily close back above 0.6350 to confirm the bear trap. Such a close ... (full story)