NZDUSD is testing support at 0.7920, the 50% Fibonacci retracement, with a break lower exposing the 61.8% level at 0.7790 while a bounce sees resistance at 0.8050 marked by the 38.2% Fib. Current positioning does not offer a compelling trading opportunity with prices squarely at support but as yet not yielding firm signs of a bounce. As such, we will stand aside until something actionable presents itself.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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