Overview:
- The NZD/USD pair has been moving in a downtrend since last week. So, according to prior events, the price of the NZD/USD pair has still been moving between the ratio of 23.6% Fibonacci retracement levels at the level of 0.6728 and 00% Fibonacci retracement at the 0.6681 level. Furthermore, the price opened below the ratio of 23.6% Fibonacci retracement levels (0.6728). Besides, the resistance is set at the 0.6730 level today. Therefore, it will be a good sign to sell below the level of 0.6730 with the first target of 0.6680. The double bottom has already been set at the price of 0.6680. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6680, the market will lead to a further decline to 0.6660 in order to indicate a correctional movement at this level. Meanwhile, the H1 chart represents a strong support at 0.6680 which forms the double bottom.
Trading recommendations:
- According to previous events, the price of the NZD/USD pair has still been moving between 0.6730 and 0.6680.
- Look for further downside with the 0.6680 and 0.6660 targets below the level of 0.6730.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for January 05, 2016 . Thanks for your support.
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