Friday, 8 January 2016

Technical analysis of NZD/USD for January 08, 2016 Market Analysis Review

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Overview:

  • The NZD/USD pair was calling for the bearish market from the level of 0.6707 since yesterday. The level of 0.6707 is representing resistance 1.
  • As it is known, history will probably repeat itself at this level again.
  • Therefore, it will be a good sign to sell below 0.6707 with the first target of 0.6601 (the daily pivot point). It will call for uptrend in order to continue its bearish movement towards 0.6534.
  • Stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed above the double top at the price of 0.6725.

Notes:

  • Strong resistance will be set at the level of 0.6707.
  • The double top is going to set at 0.6725 level.
  • The price hit the weekly pivot point and the support 1 yesterday.
  • We expect a range of 71 pips today.
  • The daily pivot point (0.6601) represents the key level this week.
The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for January 08, 2016 . Thanks for your support.

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