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NZD/USD: technical analysis on 05.11.2015

On the daily chart, the pair stopped at the 50% Fibonacci retracement and attempting to develop an upward impulse. The previous candle was closed below the bottom MA of Bollinger Bands, while the price is currently trading below the line. The EMA130 and EMA65 start turning down. The RSI reached its strong support level in the Bullish zone that it failed in September. The Composite is also approaching its support that it tested in the end of August. Both indicators formed a divergence with the price suggesting an upward reverse, however their MA’s indicate a significant weakness of the market.


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