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On Monday, NZD is the most powerful, as changes in the RBNZ mandate are devoid of dovish elements. After the rest of the currencies, there are minimal attempts to improve sentiment, although the mood is far from good. The stock market in Asia is fighting for a bounce, but no avail. Crude Oil is very unstable because investors quickly recover from reports of a rocket attack in the Middle East.
On Monday 26th of March, the event calendar is light in important news releases, but the market participants should keep an eye on speeches from FOMC members like William Dudley, Loretta Mester and Randal Quarles.
NZD/USD analysis for 26/03/2018:
The RBNZ changed its mandate, from now on except for inflation, ensuring a stable labor market. There has been talking about a change planned by the new government for a long time, so the decision is not a surprise. The authorities refrained from radical changes, and the new mandate is a more formalized approach.
Let's now take a look at the NZD/USD technical picture at the H1 time frame. The price has broken through the 61% Fibo at the level of 0.7275 and currently is trying to rally higher despite he visible bearish divergence between the momentum and the price. Nevertheless, the next technical resistance is seen at the level of 0.7304. The layer of technical supports between the levels of 0.7260 - 0.7273 makes this zone quite hard to break, so only a sustained violation of this zone and golden trend line will be a clear indication that the short-term uptrend is terminated.
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