NZDUSD June-December 2015 Forecast: ranging bearish with 0.7175 support level and good reversal possibility

NZDUSD June-December 2015 Forecast: ranging bearish with 0.7175 support level and good reversal possibility

19 May 2015, 15:11
Sergey Golubev
0
676

NZDUSD monthly price is on primary bearish market condition with secondary ranging: the price was reversed from correction within the bullish to the primary bearish market condition in October last years, and it is now located below Senkou Span A line of Ichimoku indicator and within Ichimoku cloud/kumo for ranging between 0.7973 resistance and 0.7175 support levels.

  • Tenkan-sen line is located below Kijun-sen line of Ichimoku indicator with 0.7175 support level on monthly chart for the bearish market condition to be continuing.
  • Primary bearish market condition was estimated by AbsoluteStrength indicator and TrendStrength indicator with the secondary ranging.
  • Senkou Span A line is located above and near the price with good possibility for the reversal of the price movement from the bearish to the primary bullish market conditionin 2015 on MN timeframe.
  • Chinkou Span line is just below the price and ready to cross it from below to above for good breakout in 2015 on MN timeframe.
  • Nearest support level is 0.7175
  • Nearest resistance levels are 0.7910 and 0.8389


If MN price will break 0.7175 support level on close MN bar so the primary bearish with secondary ranging will be continuing
If MN price will break 0.7910
resistance level so we may see the reversal to the primary bullish with secondary ranging
If MN price will break 0.8389
resistance level so the price will be on the bullish market condition with good breakout on this monthly timeframe
If not so
the price will be ranging between 0.7175 and 0.8389 levels

Resistance
Support
0.79100.7175
0.8389N/A

Trend: ranging bearish
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