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    Technical analysis for the NZDUSD on 07.07.2015

    The NZDUSD: downtrend has halted at 0.6660 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 100 pips Max. 0.6750Min. 0.6600

    nzdusd2

    The New Zealand dollar has been consolidating above strong support of 0.6660 for the fourth day – the barrier, which the bears approached at low volumes.

    Such long consolidation may be a signal for a short-term rebound up. The closest rebound target is found at the descending trend line of 0.6730.

    If corrective test of the trend line is followed by consolidation, the price will most likely rebound down and continue its downtrend: 0.6660, 0.6600.

    Alternative scenario: the breakout of 0.6735 resistance will allow the bulls to correct the price up to 0.6810.          

    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: downtrend has halted at 0.6660 support

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 100 pips Max. 0.6750Min. 0.6600

    nzdusd2

    The New Zealand dollar has been consolidating above strong support of 0.6660 for the fourth day – the barrier, which the bears approached at low volumes.

    Such long consolidation may be a signal for a short-term rebound up. The closest rebound target is found at the descending trend line of 0.6730.

    If corrective test of the trend line is followed by consolidation, the price will most likely rebound down and continue its downtrend: 0.6660, 0.6600.

    Alternative scenario: the breakout of 0.6735 resistance will allow the bulls to correct the price up to 0.6810.          

    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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