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Forex Discussions
Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 83653, member: 33464"] [b]AUDNZD Rebounds after Dipping Towards 100 MA[/b] [B]Key Highlights[/B] • Aussie Dollar weakened against the New Zealand Dollar, but gained bids around the 100 MA (4H). • There is a major resistance forming around 1.0750 where sellers are likely to appear. • New Zealand Trade Balance released by the Statistics New Zealand posted a trade surplus of $123M, compared with the forecast of $100M in April 2015. [B]AUDNZD – Technical Analysis[/B] The New Zealand Dollar was seen gaining pace against the Aussie Dollar during the past couple of days, as the AUDNZD pair fell close the 1.0700 level. The pair found 100 simple moving average (4-hours) around the mentioned level which is helping buyers to hold the losses. Currently, the pair is correcting higher, but facing a lot of hurdles on the upside. [IMG]http://s28.postimg.org/5q12qt6rx/AUDNZD_05_26_2015.png[/IMG] There is a bearish trend line formed on the 4-hours chart, which might act as a barrier for the pair. Moreover, the 50% Fib retracement level of the last drop from the 1.0849 high to 1.0681 low is also around the highlighted trend line. In short, any major rally in AUDNZD might find sellers on the upside. [B][I]------------------------------------------- Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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