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Technical analysis for the NZDUSD on 21.08.2015

The NZDUSD: the downtrend has turned up

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 0.6735

Min. 0.6555

nzdusd5

Bulls managed to break and hold above the descending trend line of 0.6600 on yesterday’s session. The breakout suggests the upcoming correction up.

The US dollar is currently falling against its major competitors. For the New Zealand dollar it’s a good chance to recover some of its positions. To make it happen, bulls have to break and hold above the resistance of 0.6645.

The breaking of 0.6645 resistance will allow bulls to push the price higher into 0.6670, 0.6735, 0.6770.

Alternative scenario: correction down to the lower border of the ascending channel at 0.6580, followed by consolidation is possible.

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: the downtrend has turned up

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 0.6735

Min. 0.6555

nzdusd5

Bulls managed to break and hold above the descending trend line of 0.6600 on yesterday’s session. The breakout suggests the upcoming correction up.

The US dollar is currently falling against its major competitors. For the New Zealand dollar it’s a good chance to recover some of its positions. To make it happen, bulls have to break and hold above the resistance of 0.6645.

The breaking of 0.6645 resistance will allow bulls to push the price higher into 0.6670, 0.6735, 0.6770.

Alternative scenario: correction down to the lower border of the ascending channel at 0.6580, followed by consolidation is possible.

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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