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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 87851, member: 33464"] [b]NZDUSD – Trend Line Break Near[/b] [B]Key Highlights[/B] • New Zealand Dollar traded lower against the US dollar, and traded near a major support trend line. • New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted an increase of 0.4% in July 2015, lower when compared with the last rise of 0.5%. • In terms of the yearly change, there was a rise of 5.6% in July 2015. • In the UK, the British Retail Consortium (BRC) Retail Sales Monitor which measures changes in the actual value of retail sales from participating companies posted a rise of 1.2% in July 2015 more than the forecast of 1%. [B]NZDUSD Technical Analysis[/B] The New Zealand Dollar moved a lot during the Asian session against the US dollar and traded lower by more than 50 pips. The NZDUSD pair dived below the 100 and 200 hourly simple moving averages, which can be considered as a bearish sign in the near term. [IMG]http://s27.postimg.org/5oex6985v/NZDUSD_08_11_2015.png[/IMG] However, there is a bullish trend line formed on the hourly chart, which acted as a hurdle for sellers. If the pair corrects higher from the current levels, then it might face resistance around the 23.6% Fib retracement level of the last drop from the 0.6632 high to 0.6536 low, coinciding with the 100 SMA. On the downside, a break below the highlighted trend line could ignite more losses in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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