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NZD/USD Challenges Important Resistance Of 0.6790-0.6800

NZD/USD Challenges Important Resistance Of 0.6790-0.6800

Key Highlights · New Zealand dollar gained bids recently against the US dollar, and challenged an important resistance area of 0.6790-0.6800. · There is a contracting triangle pattern formed on the hourly chart, which is acting as a mover for the NZD/USD pair. · In New Zealand, the ANZ Commodity Price released by the ANZ National Bank posted an increase of 6.9% in October 2015, more than the previous rise of 5.5%.

NZD/USD Technical Analysis The NZD/USD pair performed well during the last couple of sessions, as the pair traded higher to test a major resistance area near 0.6790-0.6800. There is a triangle pattern formed on the hourly chart, with the upper trend line acting as a hurdle for buyers.

NZD/USD Hourly Chart

The NZD/USD pair already rejected a couple of times around the trend line and resistance area, and it looks like it won’t be easy for buyers to take the pair above it. However, there are a few positives to note, including the fact that the pair is above the 100 and 200 hourly simple moving average.

On the downside, the most important support is near the 100 hourly MA, as it is coinciding with the triangle lower trend line. The hourly RSI is above the 50 level, signaling that the pair is trading in the positive area.

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