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NZD/USD Forecast October 19, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 19, 2016, 03:58 UTC

The New Zealand dollar rose during the course of the session on Tuesday, slamming into the 0.72 level. This is where we should start to see quite a bit of

NZD/USD daily chart, October 19, 2016

The New Zealand dollar rose during the course of the session on Tuesday, slamming into the 0.72 level. This is where we should start to see quite a bit of resistance though, so it would not be surprise at all to see this market turn right back around. An exhaustive candle would of course be a good sign to start selling, and as a result it’s likely that the market will try to return back to the 0.70 level below. If we do rally from here, it’s going to be very difficult to go higher without extraordinarily volatile markets.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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