Overview :
- The NZD/USD pair has not shown signs of following the break of the lowest level of 0.8675 which represents strong resistance on May 20, 2014. Therefore, it will be a good sign to sell below the level of 0.8675 with the first target of 0.86 and resume to 0.8510 in future. However, in case of reversal takes place and the NZD/USD pair breaks through the resistance level of 0.8670, the market will lead to further increase to 0.8703 (78.6% Fibonacci retracement levels) in order to indicate the correction movement at this level. Meanwhile, the daily chart is representing minor support at the 0.8567 level (38.2% Fibonacci retracement levels). Additionally, the channel emerging of RSI has still been positive in the H4 chart for that the RSI calls for a new uptrend at this level. Moreover, it should be noted that a point of view that the EMA25 (red color) has to cross over the EAM50 (blue color), it would be more of a confirmation for uptrend in the long term period.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of NZD/USD for May 20, 2014 . Thanks for your support on Technical analysis of NZD/USD for May 20, 2014
No comments:
Post a Comment