Technical analysis of NZD/USD for October 20, 2015 Market Analysis Review

Review:

In the H4 chart:

• The double top for the NZD/USD pair is seen at the level of 0.6896.
• The support is found at 0.6740. This level is going to represent the weekly support 1, because the major support has already represented the weekly support 1.
• Moreover, the double bottom is also coinciding with the major support in the same time frame.
• We expect a range of 136 pips in coming days because the market seems trapping between the levels of 0.6760 and 0.6896.

Trading recommandations:

• TheThe major support is found at the level of 0.6740. Buy above this area with targets at 0.6848 and 0.6896 in order to test the double top. However, stop loss should be set below the support level of 0.6740.

Intraday technical levels:

• Projected high: 0.6896
• Breakout (buy stop): 0.6810
• Current Pivot: 0.6795
• Projected low: 0.6740
• Breakout (sell stop): 0.8432

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