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NZD/USD - Topping Action

A bout of USD-strength is sweeping across the currency market. NZD/USD is seen with a key bearish breakout as you can see in the daily chart.

(nzdusd daily chart)

The break opens up the 0.84-0.8423 support/resistance pivot and 200-day simple moving average.

The 0.83-0.8350 area will be a rising trendline and the current bearish outlook should therefore be limited to this area. 

If price pulls back and stays below 0.86, traders should gain more confidence in this bearish correction scenario.