XM Group - Analytics

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    Technical Analysis – NZDUSD rally to 3-month high meets barrier

    NZDUSD has made some strong gains, but is now facing a significant hurdle at 0.6749, which is the 38.2% Fibonacci retracement of the 0.7743- 0.6139 (April-August) decline.

    Since RSI has reached overbought territory there is a risk for corrective moves back down. This has already happened on Tuesday after the pair reached a 3-month high of 0.6738 on Monday. The support area lies between 0.6516 and 0.6466.

    Looking at the bigger picture, the market has risen above the Ichimoku cloud, which is a bullish signal. But prices would need to rise above the key 0.7000 level in order to weaken the overall bearish bias.

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