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NZD/USD: Price Back Within Consolidation Range

Published 25/11/2014, 12:38
NZD/USD
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NZDUSD weekly chart shows this Pair has fallen aggressively since June 2014. Price however recently has consolidated at a Major level of previous support. This support level was forged back in early 2013, in fact.

We have spent the last couple of months trading within a range. A messy range at that. The bias still favours the bears though and looking at the weekly chart posted one can see that Price when she initially corrected in late September 2014, failed to breach 0.79890 and in doing so forged a strong near term resistance and Price has since tested the current long term support a number of times. So looking forward IF we are to see any further selling opportunities going forward this current level at 0.76745 would need to be breached.

Any intraday traders could target 0.77339 followed by 0.76711 if we saw current support level at 0.7779 being breached. See 4hr chart below for confirmation of this.

NZD/USD weekly chart 23rd -29th November 2014NZD/USD: 4hr chart 25th November 2014

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