Technical analysis of NZD/USD for January 16, 2015 Market Analysis Review

Overview :

• The USD/CAD pair is going to continue its rise upright from the price of 1.1920 in the short-term. It should be noted that the support is setting at the price of 1.1920 which represents the 78.6% of Fibonacci retracement levels on the H4 chart. Moreover, the same price is probably going to form a double bottom at the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following the break of the highest level of 1.1944. So, it will be a good sign to buy above the level of 1.1920 with the first target of 1.2017 in order to test the double top and further to 1.2070. Also, it might be noted that the level of 1.2070 is a good place to take profit because it will form a new double top. On the other hand, in case reversal takes place and the USD/CAD pair breaks through the support level of 1.1920, the market will lead to further decline to 1.1844 to indicate a bearish market.

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