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Forex Discussions
Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 98290, member: 33464"] [SIZE=6][B]AUDNZD Looks Poised For More Gains[/B][/SIZE] [B]Key Highlights [/B] · Australian Dollar rocketed higher against the New Zealand Dollar and traded above the 1.1000 area. · There was a resistance trend line formed on the 4-hours chart, which was breached recently by the bulls. · New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted a reading of 0.7% in Feb 2016. · In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose by 9.3%. [B]AUDNZD Technical Analysis[/B] The Aussie Dollar enjoyed a nice ride against the Kiwi dollar recently, and also managed to clear a resistance trend line formed on the 4-hours chart. The pair traded as high as 1.1036 where it found sellers and after a few economic releases, there was a downside reaction in the pair. [IMG]http://s22.postimg.org/5qj6ieegh/AUDNZD_03_09_2016.png[/IMG] The pair is currently testing the broken trend line and resistance area, which may act as a support for the pair. If the bulls fail to hold it, then a move towards the lower bullish trend line is possible in the near term. On the upside, an initial resistance is around the 1.1000, followed by the recent high of 1.1036. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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