NZD/USD rose during the Tuesday session as the world reacted to a belief that the EU was getting closer to reaching a solution to the debt crisis. However, the pair failed at the 0.8000 resistance level that we warned about, and it looks like the downtrend is still going to be intact. We are selling rallies at this point as there is far too much bearishness in the market to think that the NZD will continue to rise.
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