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Technical Analysis

NZD/USD Is This A False Breakdown?

Typography

NZD/USD plunged and reached the 0.7251 level, but failed to stay there as the USDX has slipped lower after the poor US data. Price dropped below the confluence area formed at the intersection between the 38.2% with the fourth warning line (wl3), a valid breakdown will accelerate the sell-off, while a fake out will send the rate towards the 23.6% retracement level.

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MultiBank Exchange Group
Author: MultiBank Exchange Group Website: http://www.mexgroup.com
2. Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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