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The NZDCHF fired off a Bearish Engulfing Bar (BEEB) on the daily chart. From this BEEB price has broken lower and moved into the near term support area.
Because price is now sitting on a support level it would not suprise to see buyers step in and try to take prices back higher. If instead the bears take control and move price lower and through this support, we could see a large move down to the next major support. See chart:
NZDCHF DAILY CHART – 9 NOV 2012
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