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Technical analysis for the NZDUSD on 06.05.2015

The NZDUSD has breached tough support at 0.7500

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 145 pips Max. 0.7555

Min. 0.7415

nzdusd2

Yesterday bulls broke and held above 0.7555 resistance. The breakout didn’t last long – bears managed to regain their positions and continued the downtrend.

New Zealand’s Employment change in the first quarter turned out to be less than expected (decline from 1.2% to 0.7%). Negative fundamental data triggered the round support breakout at 0.7500.

Today bears will attempt to push the price further down to 0.7435, 0.7415 supports.

Alternative scenario: long consolidation below 0.7415 resistance is probable.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The NZDUSD has breached tough support at 0.7500

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 145 pips Max. 0.7555

Min. 0.7415

nzdusd2

Yesterday bulls broke and held above 0.7555 resistance. The breakout didn’t last long – bears managed to regain their positions and continued the downtrend.

New Zealand’s Employment change in the first quarter turned out to be less than expected (decline from 1.2% to 0.7%). Negative fundamental data triggered the round support breakout at 0.7500.

Today bears will attempt to push the price further down to 0.7435, 0.7415 supports.

Alternative scenario: long consolidation below 0.7415 resistance is probable.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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