NZDUSD Technical Analysis 2015, 18.01 - 25.01: Total Ranging within Primary Bullish and Primary Bearish with .7608 Key Support - page 2

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newdigital, 2015.01.23 12:13

NZD/USD Technical Analysis: Selloff Extends for Fifth Day (adapted from dailyfx article)

  • NZD/USD Technical Strategy:Short at 0.7783
  • Support: 0.7420, 0.7275, 0.7130
  • Resistance:0.7529, 0.7599, 0.7680

The New Zealand Dollar fell against its US namesake as expected, with prices now hitting levels unseen since May 2012. A daily close below the 38.2% Fibonacci expansion at 0.7420 exposes the 38.2% level at 0.7275. Alternatively, a move above channel floor support-turned-resistance at 0.7529 opens the door for a challenge of the 23.6% Fib at 0.7599.



 
newdigital:

If D1 price will break 0.7678 support level so we may see the bearish market condition

If D1 price will break 0.7889 resistance level so the bullish trend will be continuing
If not so we can see the total ranging within the primary bullish and the primary bearish

  • Recommendation for long: watch D1 price to break 0.7889 resistance for possible buy trade
  • Recommendation to go short: watch D1 price to break 0.7678 support level for possible sell trade
  • Trading Summary: ranging

D1 price broke 0.7678 support level from above to below and this is 0.7460 for now:



So, if you use my suggestion to place sell stop order at 0.7678 so you should have about 200 pips in profit for now.

read technical analysis and make a right decision!

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