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Technical analysis for the NZDUSD on 11.05.2015

The NZDUSD has breached strong support at 0.7415

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 0.7500

Min. 0.7300

nzdusd4

The market open with a gap in the New Zealand dollar. It allowed the bears to break and hold below tough support at 0.7415.

Gaps are often filled. But lately the price tends to proceed in the direction of the gap.

In a short run we expect a pullback towards resistance at 0.7415, followed by the continuation of the bearish trend. Potential targets are: 0.7300, 0.7200.

Alternative scenario: long consolidation below the resistance of 0.7415 is probable.

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 has breached strong support at 0.7415

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 120 pips Max. 0.7500

Min. 0.7300

nzdusd4

The market open with a gap in the New Zealand dollar. It allowed the bears to break and hold below tough support at 0.7415.

Gaps are often filled. But lately the price tends to proceed in the direction of the gap.

In a short run we expect a pullback towards resistance at 0.7415, followed by the continuation of the bearish trend. Potential targets are: 0.7300, 0.7200.

Alternative scenario: long consolidation below the resistance of 0.7415 is probable.

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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