Chart of the Day -NZDUSD- (Nov. 15th 2018)

16th November 2018 Off By binary
Chart of the Day -NZDUSD- (Nov. 15th 2018)

The NZDUSD is testing a key Fibonacci level and trend line.

The NZDUSD has had a relentless bounce higher the last couple weeks and we are now testing the underside of the broken multiyear trend line and also the 38.2% Fibonacci retracement of the 2018 low to high range. If the bearish trend is to stay intact, we should turn near current levels this week. If not, the risk of a further squeeze higher is high, especially considering the CFTC short speculative positioning in the market.

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Blake Morrow

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