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Technical analysis for the NZDUSD on 11.06.2015

The NZDUSD: upside correction has turned down, bearish trend is likely to recommence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 200 pips Max. 0.7100

Min. 0.6900

nzdusd3

The New Zealand dollar has turned down after three days of growth. Having reached resistance at 0.7225, the price plummeted on the back of high impact fundamental news, released at 00.00.

Having dropped 200 pips down, the price broke and held below two strong support levels of 0.7085, 0.7030. Short-term consolidation is currently observed below level 0.7030.

Trading volumes are increased. There’s a big chance that after a short-term consolidation below the resistance of 0.7030, the downtrend will recommence.

Alternative scenario: the breakout of 0.7030 resistance will allow the bulls to correct the price up to 0.7085.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The NZDUSD: upside correction has turned down, bearish trend is likely to recommence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 200 pips Max. 0.7100

Min. 0.6900

nzdusd3

The New Zealand dollar has turned down after three days of growth. Having reached resistance at 0.7225, the price plummeted on the back of high impact fundamental news, released at 00.00.

Having dropped 200 pips down, the price broke and held below two strong support levels of 0.7085, 0.7030. Short-term consolidation is currently observed below level 0.7030.

Trading volumes are increased. There’s a big chance that after a short-term consolidation below the resistance of 0.7030, the downtrend will recommence.

Alternative scenario: the breakout of 0.7030 resistance will allow the bulls to correct the price up to 0.7085.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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