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DailyBubble News

NZD/USD To Continue Retreat Following Dark Cloud Cover Formation

Talking Points

NZD/USD Technical Strategy: Shorts Preferred

Dark Cloud Cover on the daily warning of continued declines

Further falls likely to be met by buying support at 0.8600

The Dark Cloud Cover formation noted in the most recent candlesticks report has resulted in extended weakness for NZD/USD, which follows on from a failure to crack the critical 0.8740 mark last week. While the signal suggests the potential for further declines, traders should be mindful that the uptrend remains intact. A continued pullback is likely to be met by buying support at the 0.8600 handle.

NZD/USD: Dark Cloud Cover Receives Confirmation

Four Hour Chart – Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM.

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