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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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NZD/USD testing major resistance, remain bearish for a further drop

The price has risen and is approaching our major resistance level. We remain bearish looking to sell below 0.7459 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7333 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees a lot of resistance pushing it down really well.

Correlation analysis: We are expecting commodities weakness with AUD/USD and NZD/USD both expecting drops.

Sell below 0.7459. Stop loss is at 0.7500. Take profit is at 0.7333.

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The material has been provided by InstaForex Company - www.instaforex.com