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Technical Analysis

NZD/USD Hovers Above Critical Support

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NZD/USD increased today and still tries to close the yesterday's gap down, but failed to stay near 0.7087 today's high and now could reach the 0.7053 horizontal support if the USDX will squeeze a little after the morning drop. Price hovers above the 0.7053 support and below the median line (ml) of the minor descending pitchfork. It could come to retest the median line (ml) before will drop much deeper, the perspective is bearish as long as is located below this level.

Only a breakout above the median line (ml) will announce an increase towards the upper median line (uml).

Author: MultiBank Exchange Group Website: http://www.mexgroup.com
MultiBank Exchange Group
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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