Barclays Capital made a technical forecast for NZD/USD explaining their position opened with key targets:
- "We are bearish against resistance in the 0.7000 area. A move below 0.6740 would signal lower towards initial targets near 0.6615 and then 0.6455."
So, they are expecting the bearish to be continuing started from near 0.7000 area. Anyway, as we see from the chart - the nearest key resistance level is 0.6895, and they are openning short from this resistance. But as we see - the real targets in this case will be 0.6235 and 0.6102 levels.
If W1 price will break 0.6895 resistance level on close W1 bar from below to above so the bear market rally will be started with the some possibility to the reversal of the price movement to the primary bullish market condition in the future.
If W1 price will bounce off 0.6895 resistance level so the bearish trend will be continuing.
| Resistance | Support |
|---|---|
| 0.6895 | 0.6235 |
| 0.7743 | 0.6102 |
