Forex: NZD/USD: Bulls overboard

on Aug 20, 2013
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_iNVEZZ.com August Tuesday 20th_: The price action yesterday formed a shooting star pattern on the daily candle, which is a strong bearish sign. The price opened at 0.8116 and reached a peak at 0.8162, which is a 74-day high. Subsequently the price dropped sharply and reached a low at 0.8056. At the end of the day the pair lost 0.58 percent, closing at 0.8058. The high of the day was also close to the 50 percent Fibo retracement of 0.8675 to 0.7682 at 0.8178.

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Forex: NZD/USD at 53-day high Forex Afternoon update: Bundesbank comments raise the euro

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Today the NZD/USD continues to fall and is currently residing at 0.7978, 0.80 percent below the opening price. The intraday low so far is at 0.7951. The decline from yesterday’s high was helped by the divergence on the MACD (9,12,1) on the daily chart.

The descending 89-day simple moving average spiked today. The SMA is acting as a support right now and is staying at 0.7964. The 4-hour 89-period SMA, which is currently resident at 0.7972, is also acting as a support.
The MACD (9,12,1) oscillator is negative on the 1H and 4H charts, indicating short to medium term bearish pressure.
Further downwards the price would be targeting the 13 August low of 0.7933 first and the 0.7700 level, which offered serious support at late June and early July, next.
!fm[](/uploads/story/4954/nzdusddaily_2008.png)

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Forex: NZD/USD at 53-day high Forex Afternoon update: Bundesbank comments raise the euro

FOLLOW our top traders or BET against them.
http://nvz.bz/11wHFMJ

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NZD Forex