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Old 29-01-2014, 14:33
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Default Re: Market news and trade recommendations by FBS

NZD/USD: 2 meetings ahead

NZD/USD was initially supported by the decision of the Turkish central bank to make an aggressive rate hike. However, the pairís vulnerable to uncertainty ahead of the Fedís decision (19:00 GMT) and the Reserve bank of New Zealandís meeting (20:00 GMT).

Thereís some speculation about a possible rate hike in New Zealand. However, consensus is that the RNBZ will keep benchmark rate at 2.50%. Note though that the regulatorís governor Graeme Wheeler may hint on plans to begin the tightening cycle in March. Weíll examine the prospects of the FOMC announcement in a different article.

Resistance is at $0.8295, $0.8345, $0.8400. Support is at $0.8245, $0.8215, $0.8178. As you may see from the chart the pair will soon have to move beyond either support or resistance.

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