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NZDUSD : Key Support at .7747, Should Continue to Follow Downtrend

NZDUSD : Hourly Chart

NZDUSD is consolidating within a symmetrical triangle trend on the hourly chart and currently facing resistance from the 100 day SMA. A pair might breakout or breakdown from the resistance or support trend line respectively. NZD declined against US dollar earlier today after the IMF decided to cut its forecast for global economic growth yesterday resulting in the dampening of the demand of risky assets. But it again found support from the rising support trend line of the triangle and rose.

NZDUSD : 4 Hour Chart

On the 4 hour chart, there seems a descending triangle trend so the pair should continue to decline breaking below the key support at .7747.

NZDUSD : Daily Chart

On the daily chart also there seems a downtrend and even if the pair rises from its immediate resistance from the falling resistance trend line it will again find resistance from another resistance trend line as seen on the chart. So the gains seems limited. The 100 day SMA has also crossed below the 200 day SMA confirming a downtrend and now the pattern is also such that the 50 day SMA is below the 100 day SMA and 100 day SMA is below the 200 day SMA signaling a downtrend continuation.