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NZD/USD Trading at Key Support; FOMC and RBNZ Ahead
After a few choppy months that resulted in a sideways market in December and part of January, NZD/USD made another bearish run. The Daily chart below shows the market holding below 0.7870 and finally falling below 0.7608 last week. The daily chart shows a persistent downtrend that is picking up pace again with NZD/USD now hovering just above 0.74. The RSI is entering the oversold area, but we know that a persistent downtrend can see oversold conditions for a period of time. How much further will NZD/USD go? The weekly chart shows that price action has been essentially sideways about 3 1/2 years, starting in 2011, ... (full story)