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NZD/USD: Daily shooting star does not bode well for bulls

FXStreet (Bali) - NZD/USD's recovery came to an abrupt halt at the 20-day EMA around 0.7960, resulting on the formation of a daily shooting star, with current price around 1 cent cheaper than Thursday's high, currently at 0.7858 ahead of the Tokyo.

According to Jim Langlands, Founder at FXCharts: "Some choppy trade looks likely today, with the downside looking to come under some more pressure, where the initial support will see bids at the 100/200 HMA’s at 0.7825/30. A break of this would then head to 0.7800 and possibly to 0.7780..." If the Kiwi manages to recover from its recent drop, "look for sellers at 0.7885 and at 0.7900", adds Jim.

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