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Technical analysis for the NZDUSD on 18.06.2015

The NZDUSD: downside preserves

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 160 pips Max. 0.7000

Min. 0.6800

nzdusd6

Bears managed to break below the intermediate support of 0.6940 yesterday, although by the end of the session the price pulled back up.

Initial breakout of 0.6940 turned out false. Corrective reversal up was expected, but the price broke 0.6940 support again on the back of negative GDP data, which came out from the New Zealand this morning.

In a short run, we expect a slight correction towards 0.6940 mark, which is now acting as resistance, and then a rebound down with the closest decline target at 0.6800.

Alternative scenario: the breakout of the descending channel’s upper border at 0.7000 will be a signal for the upside correction.

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: downside preserves

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 160 pips Max. 0.7000

Min. 0.6800

nzdusd6

Bears managed to break below the intermediate support of 0.6940 yesterday, although by the end of the session the price pulled back up.

Initial breakout of 0.6940 turned out false. Corrective reversal up was expected, but the price broke 0.6940 support again on the back of negative GDP data, which came out from the New Zealand this morning.

In a short run, we expect a slight correction towards 0.6940 mark, which is now acting as resistance, and then a rebound down with the closest decline target at 0.6800.

Alternative scenario: the breakout of the descending channel’s upper border at 0.7000 will be a signal for the upside correction.

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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