NZDUSD Technical Analysis 2015, November: ranging bearish with symmetric triangle pattern to be formed for direction

The price is on bearish market condition with the secondary ranging within the following key support/resistance levels:

• 0.6895 key resistance level located near Ichimoku cloud on the border between the primary bearish and the primary bullish on the chart, and
• 0.6102 key support level located far below Ichimoku cloud in the bearish area of the chart.
  

Intermediate support levels for this pairs are the following: 0.6287 and 0.6235.

W1 price is on ranging bearish market condition:

• The price is located to be below Ichimoku cloud/kumo and Senkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) for the bearish market condition.
  
• Tenkan-sen line is below Kijun-sen line of Ichimoku indicator for the primary bearish condition to be continuing.
  
• Chinkou Span line is below the price indicating the bearish breakdown to be started in the near future.
• Nearest key support levels are 0.6235 and 0.6102.
• Nearest resistance levels are 0.6895 and 0.7230.
  

MN price is on bearish breakdown for 0.6102 as the real bearish target.

If W1 price will break 0.6895 resistance level so the reversal from the primary bearish to the primary bullish market condition will be started.
If W1 price will break 0.6235 support level so the primary bearish trend will be continuing up to 0.6102 level as the next bearish target.
If W1 price will break 0.6102 support level so we may see good breakdown possibility.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close W1 price to break 0.6895 for possible buy trade
• Recommendation to go short: watch W1 price to break 0.6235 support level for possible sell trade
  
• Trading Summary: possible bearish breakdown