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Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 86513, member: 33464"] [B]NZDUSD Crashes after NZ CPI[/B] Key Highlights • New Zealand Dollar crashed against the US Dollar, as an important economic release in New Zealand came below the forecast. • New Zealand Consumer Price Index released by the Statistics New Zealand rose by 0.3% in the second quarter of 2015, compared with the forecast of 0.4%. • New Zealand Business NZ PMI released by the Business NZ increased from the previous revised reading of 52 to 55.2 in May 2015. [B]New Zealand CPI[/B] Earlier during the Asian session, New Zealand Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the Statistics New Zealand. The forecast was lined up for an increase of 0.4% in the second quarter of 2015, compared with the same quarter a year ago. However, the result was disappointing, as the New Zealand CPI rose by 0.3%. [IMG]http://s2.postimg.org/g5dx4mo21/NZ_CPI.png[/IMG] [B]NZDUSD Technical Analysis[/B] As mentioned the NZDUSD pair moved lower after the release. There was a support trend line formed on the hourly chart, which was pierced by sellers to set the pair for more declines in the near term. If the pair corrects higher from the current levels, then the 38.2% Fib retracement level of the last drop from the 0.6740 high to 0.6530 low can be seen as a hurdle. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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