XM Group - Analytics

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    Technical Analysis – NZDUSD bearish in falling Bollinger Band

    NZDUSD maintains a downside bias, with scope to retest the lower Bollinger Band at 0.6496 (a six-year low). The RSI remains in bearish territory below 50, although it is trending sideways, which suggests consolidation in the market in the near-term.

    The overall market structure is bearish due to the bearish alignment of the Bollinger Bands which keep prices in a downward channel.

    The market tried to make a short-term recovery move but failed well ahead of the falling 20-day moving average (middle of the band) and since then the market traded between a range of 0.6553 and 0.6693.

    As long as prices remain below the key 0.7000 level, the bearish market bias remains strong. A breach of the 0.6496 low would open the way toward the 0.6400 area. The market has been in a bearish trend since the fall from 0.7743 on April 28.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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