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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 120575, member: 33464"] [SIZE=6][B]NZDUSD – Can New Zealand Dollar Retain Bullish Bias Vs USD?[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The New Zealand dollar gained a lot this week and moved above 0.7250 against the US Dollar. · There is a monster bullish trend line with support at 0.7270 on the 4-hours chart of NZDUSD. · Today, the New Zealand Employment Change figure for Q4 2016 was released by the Statistics New Zealand. · There was a change of 0.8% in Q4 2016, compared with the 0.8% forecast, and 1.4% previous. [SIZE=5][B]NZDUSD Technical Analysis[/B][/SIZE] The New Zealand dollar was seen gaining pace vs the US Dollar, as it moved above 0.7250. There is a good trend formation in NZDUSD, which might take the pair further higher. [IMG]https://titanfx.com/wp-content/uploads/2017/02/NZDUSD-02.01.2017-768x401.png[/IMG] On the downside, the pair remains supported near 0.7270-0.7250. It’s because a bullish trend line is positioned at 0.7270 on the 4-hours chart. The stated support also coincides with the 61.8% Fib retracement level of the last leg from the 0.7222 low to 0.7350. The pair is currently trading sharply lower, but the 0.7270 may provide support. As long as the trend line support is intact, the pair may bounce back. A break below 0.7250 might call for a trend change in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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