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NZDUSD – Hourly Chart

Market Analysis

NZDUSD, H1

NZDUSD setlled back today at 0.7460 low. A Short Intra-Day position was taken based on these hourly chart with entry at 0.74661,  and targets at 0.7450 and 0.7440 ( 23.6 Fibonacci level as well). A breach and break of the recent fractal low at 0.7469  confirmed this intra-day entry along with the fact that pair after 0.7507 high today, it did not manage to break the 20-period MA and hence continue to moves in the lower Bollinger Bands area, by making Lower High fractals. Meanwhile 20-period MA currently moves below 50 period MA. This suggests hourly weakness for the pair. In 30-minutes chart, NZDUSD, hit earlier 61.8 Fibonacci level and retraced again lower. In both time frames Parabolic SAR turning negative.

Nevertheless, the US calendar today features a flood of data releases, highlighted by advance Q2 GDP figures and Personal Consumption Expenditures Prices , which will be a big focus for markets.

Click here to access the HotForex Economic calendar.

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Andria Pichidi

Market Analyst

HotForex

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