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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 105576, member: 33464"] [SIZE=6][B]NZDUSD – Increased Bullish Bias For Kiwi Dollar[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · The New Zealand dollar enjoyed a decent upside move against the US Dollar and looks set for more upsides. · There is a critical support formed on the downside for the NZDUSD pair in the form of a bullish trend line on the hourly chart. · New Zealand Food Price Index (FPI) released by the Statistics New Zealand posted a change of 0.4% in June 2016. · Later today, the BoC Interest Rate Decision will be announced by the Bank of Canada, which may ignite some moves in the Canadian dollar. [SIZE=5][B]NZDUSD Technical Analysis[/B][/SIZE] The NZDUSD pair recently traded above the 0.7300 level, and posted a new weekly high of 0.7324. It looks like the pair is in an uptrend and may continue to move higher. [IMG]https://s32.postimg.org/uzpcdpmnp/NZDUSD_07_12_2016.png[/IMG] As mentioned, there is a major bullish trend line on the hourly chart, which acted as a support earlier and might continue to act as a barrier for sellers. The pair is currently trading near the trend line, so we need to keep a close eye on it. Only an hourly close below the 100 hourly simple moving average may call for a change in the trend. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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