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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 103213, member: 33464"] [SIZE=6][B]NZDUSD - Next Leg Higher Underway In Kiwi Dollar[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · New Zealand dollar spiked higher vs the US Dollar recently and traded above the 100 hourly simple moving average. · The NZDUSD pair also broke a bearish trend line formed on the hourly chart to open the gates for more gains. · In the US, the Manufacturing Purchasing Managers Index (PMI) will be released by the Markit Economics today, which is forecasted to post a minor rise in May 2016. · Chinese Manufacturing Purchasing Managers Index (PMI) released by the China Federation of Logistics and Purchasing (CFLP) posted a reading of 50.1 in May 2016. [SIZE=5][B]NZDUSD Technical Analysis[/B][/SIZE] The New Zealand Dollar after dropping towards the 0.6680 vs the US Dollar found support, and started to correct higher. During the upside move, the NZDUSD pair managed to clear a bearish trend line formed on the hourly chart. [IMG]http://s33.postimg.org/g86os47u7/NZDUSD_06_01_2016.png[/IMG] Moreover, the pair also broke the 100 and 200 hourly simple moving average. All these signs clearly suggest that the pair is doing well and may gain further in the near term. If we look at the wave structure, then there is a chance of the pair heading towards the 1.618 extension of the last drop from the 0.6765 high to 0.6674 low. On the downside, the 100 hourly SMA may be act as a support area if the pair moves down. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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