Overview :
- The NZD/USD pair has been making an upside movement from the level of 0.8255 to 0.8275, and today the market has also set a lower price at the 0.8296 level. As it is known, it will probably repeat itself again, hence the strength of the trend for pair was an uptrend, then the strength of the currency will be called: EUR is in uptrend and USD is in downtrend. Furthermore, the uptrend represents the double bottom of the channel emerging at the level of 0.8275 as well as the RSI has still positive in the daily time frame, so it calls for a new upleg. Moreover, a strong support will set at 0.8270 in H4 chart. Therefore, the price movement will be trapped between 0.8275 and 0.8390. Additionally, the price has been set above this level a long time ago, for that the market will indicates a bullish opportunity at the level of 0.8275, with a target of 0.8350, then if it breaks the first target, it will be a breakout above this level with the second target towards 0.8440. However, the best location for placing a stop loss should be below 0.8237.
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For detail explanation and best discovery on market trends you may visit via Technical analysis of NZD/USD for January 17, 2014 . Thanks for your support on Technical analysis of NZD/USD for January 17, 2014
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