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Capital Trust Markets Daily Market Commentary
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[QUOTE="CapitalTrustMarkets, post: 62821, member: 30235"] [b]NZD/USD Eyes 0.8515 Before A Bullish Reversal[/b] The [URL="http://capitaltrustmarkets.com/nzdusd-eyes-0-8515-bullish-reversal"]New Zealand Dollar[/URL] (NZD) fell broadly against the US Dollar (USD) last week and the same trend is expected to continue this week until the pair bottoms near the swing low of the previous wave. The sentiment remains very bullish due to Higher High (HH) and Higher Low (HL) in the recent wave. [B]Technical Analysis [/B] As of this writing, the NZD/USD is being traded near 0.8625. A hurdle may be noted near 0.8647 that is the 50% fib level ahead of 0.8678, the 38.2% fib level and then 0.8779 which is the swing high of the previous wave. A break above 0.8779 will result in another Higher High, confirming the bullish sentiment about the Kiwi Dollar. [img]https://charts.mql5.com/4/676/nzdusd-d1-capital-trust-markets.png[/img] On the downside, the pair is likely to find a support near 0.8577, the 76.4% fib level ahead of 0.8515 that is the swing low of the recent downward wave. A break below 0.8515 will turn the long term sentiment to bearish, opening doors for 0.8352 which is the 161.8% fib level as demonstrated in the above chart. [B]US Budget Statement [/B] The Financial Management Service is due to release the US monthly budget statement today. According to the median projection of different economists, the account deficit remained $36.9 billion during April as compared to $114.0 billion account surplus in the month before. Generally speaking, the account deficit is considered negative for the economy and vice versa so if the deficit came out to be higher than $36.9 billion, then it will be considered bullish for the NZD/USD and vice versa. [B]Trade Ideas [/B] Considering the overall technical and fundamental scenario, buying the Kiwi Dollar just before the swing low of the recent downward wave could be a good strategy; a tight stop should be placed at the swing low as described above. [/QUOTE]
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