On Thursday of last week, we discussed the NZDUSD and how the recent rally was in jeopardy below 0.7240. And although the level didn’t hold up quite as well as we would have liked, the area between 0.7240 and 0.7270 has no doubt attracted an influx of offers.
The bearish pin bar that formed yesterday is an example of the 0.7270 resistance area at work. In fact, yesterday’s high reached a trend line that I pointed out last week.
The level that extends from the April 2015 high has capped several advances including last Wednesday’s pre-FOMC surge.
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