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Short

NZDUSD Analysis 02/02/15

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
121 0 2
Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7070 (Horizontal Support), 0.7370 - 0.7460 (Horizontal Resistance), 0.7000 (Significant Round Number)

The price moved away from the Rectangle pattern that we recognized before. It went in the direction of our preferred breakout which is down. Those traders who traded the breakout is now having some profits in their account. As of writing, today's price has gone up a little bit. The price might either resume its trend or retrace back up before going down again. Either way, we are bearish here and we are selling this currency pair.

Might as well take note that the 0.7000 price level is approaching. This is a psychological number where a massive volatility could occur. Even though this could be a solid support in the near future, we are still selling this currency.

Trade well.
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