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The NZD/USD has given a reversal signal yesterday and early today is approaching its first minimum pull back target at 0.74. Short-term trend is bearish as long as the price is below 0.7525.

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The second leg down is approaching equality with the first leg down. At 0.7405 we also get the lower cloud boundary and short-term support. A break below these levels will open the way for an extended downward move equal to 161.8% of the first leg down.

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On a daily basis, the price has broken below the tenkan-sen (red line indicator). This is a bearish signal. The RSI is diverging so I would expect the price to move towards the kijun-sen (yellow line indicator). If this support is broken we should expect more selling pressures to push price towards the daily cloud around 0.7250-0.73.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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