After a month long of rally of the NZDUSD pair, will this commodity currency stretched upward a little further, consolidate or rather started rotating to the downside respecting this key level of resistance around 0.7431? Price started rejecting higher prices after touching the level which pretty much coincides with the report of the New Zealand Consumer Price Index reporting to have low reading this month of only 1.6%.
Though I'm not into news or fundamentals, its pretty obvious there was a sell off happened within the trading day printing a also known as 'shooting star'. What's more interesting is that this price action signal is situated to a key level in the market that plunged this pair way back September 20 of last year.
The question now is, will history repeat itself? Let's see what will happen soon.
Thanks for reading. Will post the update of this trade setup soon.
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