NZD/USD: Although the market has been very well bid over the past couple of weeks, we continue to retain a broader bearish outlook and look for these rallies to soon stall in favor of a major downside extension. Daily studies are now overbought, while the market should find some formidable resistance above 0.8300. As such, selling at current levels seems attractive, but conservative players could look for a close back below 0.8200 before attempting fresh shorts.
Joel Kruger
Technical Currency Strategist
DailyFX Research Team
http://www.dailyfx.com
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