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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 93412, member: 33464"] [SIZE=6][B]NZDUSD Consolidating Before Break?[/B][/SIZE] [B]Key Highlights [/B] · New Zealand Dollar dived towards the 0.6600 support area recently against the US Dollar where it just managed to find buyers. · The NZDUSD pair is currently making an attempt to correct higher, but struggling to find momentum. · There is a resistance formed near 0.6650-60 where sellers are defending the upside. · Chinese Consumer Price Index released by the National Bureau of Statistics of China posted an increase of 1.5% in November 2015, whereas the market was expecting 1.4%. [B]NZDUSD Technical Analysis[/B] The New Zealand Dollar was under pressure during this week against the US Dollar, as it fell close to the 0.6600 support area. The NZDUSD pair is currently holding the ground and forming a consolidation pattern. [IMG]http://s1.postimg.org/yffakza0v/NZDUSD_12_09_2015.png[/IMG] On the upside, there is a monster resistance formed near 0.6650-60, as there is a bearish trend line protecting gains. Moreover, the 23.6% Fib retracement level of the last drop from the 0.6786 high to 0.6610 low is also acting as a hurdle for buyers. This is not all, as the 100 hourly simple moving average is also aligned above the trend line and resistance area to stall the upside move. On the downside, the last low of 0.6610 may act as a support with an initial support around the 200 hourly MA. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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