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Technical analysis for the NZDUSD on 06.08.2015

The NZDUSD is consolidating below strong resistance of 0.6555

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 0.6670

Min. 0.6400

nzdusd1

Medium-term bearish trend halted at 0.6500 support, the price corrected up into the range of 0.6555 and consolidated.

Bulls have tested the 0.6555 resistance twice in the last two days, but with no luck. The tests took place at low volumes, which gives reasons to anticipate the rebound down.

To continue the downtrend, bulls have to break and hold below 0.6500 support. The breakout will open the way to 0.6400 mark.

Alternative scenario: the breakout of the descending channel’s upper border at 0.6580 will allow the bulls to correct the price towards 0.6616, 0.6670.

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 is consolidating below strong resistance of 0.6555

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 0.6670

Min. 0.6400

nzdusd1

Medium-term bearish trend halted at 0.6500 support, the price corrected up into the range of 0.6555 and consolidated.

Bulls have tested the 0.6555 resistance twice in the last two days, but with no luck. The tests took place at low volumes, which gives reasons to anticipate the rebound down.

To continue the downtrend, bulls have to break and hold below 0.6500 support. The breakout will open the way to 0.6400 mark.

Alternative scenario: the breakout of the descending channel’s upper border at 0.6580 will allow the bulls to correct the price towards 0.6616, 0.6670.

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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