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NZD/USD - Bears Remain in Control; 0.62 in Sight

Bulls seem to have taken the reign since a price bottom in September, but NZD/USD bears held price under 0.6890 and is now taking back control. 

NZD/USD Daily Chart 1/11

(click to enlarge)

With price crossing over the 100-, and 50-day simple moving average, as well as the RSI pushing above 70 and holding above 40 for the most part in November, NZD/USD looked like it was in a possible bullish reversal. 

However, price failed to clear the 200-day SMA, and the RSI is now below 40. Furthermore, price has broken back below the 100-, and 50-day SMA and below a rising speedline. 

Price action in the  New Year so far has been heavy and has turned the mode back to bearish. 

The 0.6425 area is next to be tested. If price is indeed turning bearish, it should not pull back above 0.67, and has the 0.62 area in sight. 

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