![NZDUSD Price Action Analysis - recovery after bullish Morning Star candlestick pattern NZDUSD Price Action Analysis - recovery after bullish Morning Star candlestick pattern](https://c.mql5.com/6/677/splash-645188-1437983497.png)
NZDUSD Price Action Analysis - recovery after bullish Morning Star candlestick pattern
28 July 2015, 09:11
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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W1 price is located below 200 period SMA and 100 period SMA for the primary bearish market condition:
- The price is on downtrend for trying to break Fibo support level at 0.6496 for the bearish trend to be continuing;
- "The New Zealand Dollar is attempting a cautious recovery against its US namesake after putting in a bullish Morning Star candlestick pattern."
- If weekly price will break 0.6496 support
level so the primary bearish will be continuing, otherwise the price will be ranging within the familiar levels;
- “Near-term resistance is at 0.6679, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 0.6791.”
Levels:
Resistance | Support |
---|---|
0.6679 | 0.6496 |
0.6791 | 0.6400 |