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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 90932, member: 33464"] [B][I]NZDUSD Tumbled As Sellers Gain Control[/I][/B] [B]Key Highlights[/B] · New Zealand Dollar moved sharply lower against the US Dollar to trade near 0.6740-30. · A bearish trend line on the hourly chart prevented gains and ignited a downside reaction. · New Zealand Visitor Arrivals released by the Statistics New Zealand posted an increase of 12.2% in September 2015, which was a lot of more when compared with the last rise of 7.4%. [B]NZDUSD Technical Analysis[/B] The New Zealand Dollar traded close to the 0.6840 against the US Dollar where it found resistance in the form of a bearish trend line on the hourly chart. There was nasty downside reaction, which tool the NZDUSD below the 100 hourly simple moving average. [IMG]http://s24.postimg.org/a4762s7xx/NZDUSD_10_21_2015.png[/IMG] Currently, the pair is finding bids around the 0.6735 level, and trading near the 200 hourly simple moving average. If there is a correction from the current levels, then sellers might appear near the 38.2% Fib retracement level of the last drop from 0.6845 to 0.6735. On the downside, the recent low of 0.6735 might act as a support and a break below it could take the pair towards the 0.6700 handle. [B]New Zealand Visitor Arrivals[/B] Earlier during the Asian session, the New Zealand Visitor Arrivals, which measures the number of visitors to New Zealand was released by the Statistics New Zealand. The market was expecting a nice gain in September 2015. The outcome was more in line with the forecast, as the New Zealand Visitor Arrivals increased by 12.2%, which was higher compared with the last rise of 7.4%. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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