NZD/USD had a large range on Thursday, eventually ending up down just slightly. However, it should be noted that it was the bullishness that gave way overall, and that we are approaching the bottom of the Monday candle that was so supportive this week. The hammer on Monday for us represents a massive area from which to sell this pair. The breaking of that level on a daily close gets us short for longer-term trading. We don’t buy this pair – there is simply too much global fear to buy a commodity currency at this point.
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