John J Hardy
ECB president Mario Draghi failed to deliver today, according to Saxo Bank's head of fx strategy John Hardy. ECB did not extend the deadline for its trillion-euro bond-buying program. John Hardy analyses the outcome of the meeting and looks at the market reaction, in particular with regards to EURUSD and NZDUSD.
Squawk / 24 June 2016 at 12:00 GMT
Business analyst
United Kingdom

The NZDUSD pair bounced slightly during the course of the day on Wednesday, using the 0.6965 level as support. At this point in time, the market is looking bearish. The primary trend of NZDUSD is bearish on charts and price is trading below its support trend line in its 1 hourly chart. In its 1 hourly chart the price is sustaining below 200 day SMA that are appears on the above image indicating downtrend of the pair.
Resistance level 0.7100 and Support level 0.6965
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair.

STRATEGY: NZDUSD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.


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