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NZDUSD drops below 0.67 but holds neutral bias

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZDUSD dropped below the 0.67 handle yesterday after a sharp sell-off following a surprise rate cut by the Reserve Bank of New Zealand. The pair extended its losses into Thursday to cross below the 200-day moving average but found support at the top of the Ichimoku cloud around 0.6615 where prices rebounded. The stochastics are trending down and have fallen below 50 so further losses in the near term are possible. If prices continue to decline, the next support would come just below the cloud

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