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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 101448, member: 33464"] [SIZE=6][B]NZDUSD – NZ Dollar May Remain Under Bearish Pressure[/B][/SIZE] [B]Key Highlights [/B] · New Zealand dollar struggled this week against the US Dollar and may continue to trade down. · NZDUSD traded below the 0.6950 support area and also broke a major support trend line on the hourly chart. · In New Zealand, the Employment Change released by the Statistics New Zealand posted a change of 1.2% in Q1 2016, more than the forecast of 0.7%. · New Zealand Unemployment Rate came in at 5.7%, up from the last revised reading of 5.4% in Q1 2016. [B]NZDUSD Technical Analysis[/B] The New Zealand dollar tumbled against the US Dollar recently, as most major Asian currencies were under a bearish pressure recently. Moreover, a rise in the unemployment rate in New Zealand also increased a bearish pressure on the NZ dollar. [IMG]http://s32.postimg.org/owuizzmsl/NZDUSD_05_04_2016.png[/IMG] NZDUSD traded down, cleared a major support area of 0.6950 and also broke a major support trend line on the hourly chart. The pair also settled below the 100 and 200 hourly simple moving average, which is a bearish sign and calling for more losses in the near term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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