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Fundamental Analysis
NZD/USD
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[QUOTE="JonsonRick, post: 198055, member: 76923"] [B]NZD/USD Price Analysis: Bulls aspire 0.7100 along in the middle of falling wedge breakout, NZ jobs blowout[/B] [LIST=1] [*]NZD/USD yields a big well ahead breakout concerning the order of the daily chart. [*]NZD bulls gear taking place for an exam of 0.7100 as 50-DMA resistance caves in. [*]New Zealand jobless rate drops immediately to 4% in Q2, seals an RBNZ rate hike this year. [/LIST] NZD/USD is flirting once monthly tops near 0.7067, rallying hard vis--vis stronger-than-traditional New Zealand employment data for the second quarter. The jobless rate in the South Pacific Island nation dropped neatly to 4% in Q2 vs. 4.5% meant, confirming an RBNZ rate hike inconsistent this year. Further, a go-in front in the risk sentiment also lends assistance to the kiwi bulls, as all eyes now approach towards the US ADP and ISM Services PMI bank account for spacious trading incentives. Looking at the daily unspecified graph for the kiwi, the price stated a falling wedge breakout upon closing Tuesday above 0.7014, taking into account the jobs blowout offering subsidiary zest to the NZD bulls, as they storm through the bearish 50-Daily Moving Average (DMA) at 0.7054. The 14-hours of daylight Relative Strength Index (RSI) is pointing above the midline, suggesting that there is more room for the upside. Therefore, the buyers drive the confluence of the 100 and 200-DMAs at 0.7100. The upside breakout has defied an unease of a bear heated, as 100-DMA scrape through the 200-DMA from above daylight previously. [/QUOTE]
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