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NZDUSD : Might Reverse the Uptrend, Bearish Trend Continues to Dominate

NZDUSD : 4 Hour Chart

NZDUSD is signaling a bullish trend on the 4 hour chart today as it seems like trading within an ascending triangle and might surge breaking the resistance at .8208. However the 50 day SMA might prevent the pair in surging as it resisted the pair earlier also. The pair not even extended losses after the downbeat current account data which showed that the current account deficit of New Zealand narrowed to NZ$1.06 billion in the 2nd quarter from the reading of NZ$1.41 billion. Economists were expecting the deficit to narrow down to NZ$.95 billion. The pair seems like supported right now however we might see the opposite reaction ( pair might decline breaking below the rising support trend line of the triangle) after the release of Fed statement.

NZDUSD : Daily Chart

On the daily chart, the pair is following a downward sloping channel trend which gives a bearish signal. The 50 day SMA has also crossed down the 200 day SMA confirming the bearish trend. So the gains are limited and the pair will continue to decline.