Forex Depth Analysis: NZD/USD
The dollar fell for a sixth day against the yen and traded near a record low versus the euro as traders increased bets that the Federal Reserve will cut interest rates by three-quarters of a percentage point this month.
The dollar also held near its lowest ever against a basket of currencies of major trading partners before an industry report tomorrow that may show companies in the U.S. added the fewest jobs since 2003.
The following technical analysis gives us a detailed lookout on what is expected to happen to NZD/USD
The buying point is at 0.8021; based on a failure swing bottom.
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- Fibonacci 61.8% is the take profit at 0.8103
- Second Fibonacci 61.8% is the stop loss at 0.7985
The selling point is at 0.7970; based on a break strong support level.
- Previous support is the take profit at 0.7930
- Fibonacci 38.2% is the stop loss at 0.8022
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the crossing of MACD line to the signal line below the zero level. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in an uptrend.
The ROC is very important to understand the demand of the market and as we see on the graph it is in a bullish direction. The Stochastic oscillator crosses %D line below 20% level and continues to go higher.
* The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.
Finotec Group Inc.
http://www.finotec.com/
Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.
