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NZD/USD March 28th

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Old 28-03-2012, 13:08
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Join Date: Jan 2012
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Default NZD/USD March 28th

The USD traded in a bullish trend against the major currencies yesterday after few days of weakening, as the NZD had difficulties in continuing rising against the USD as well. The pair has been moving through a channel between the resistance at 0.825, which is has failed to break several times in the recent weeks, and the 200 SMA around 0.805. The pair made a bearish candlestick yesterday, which emphasizes the strength of the resistance and if the current pattern remains, the Kiwi might slide to the lower boundary of the channel at 0.805. Pay attention to the fact that stochastic levels are approaching 80, which means that the chances for a bearish session are getting higher.

NZD/USD March 28th-nzdusd2803.jpg
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