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    Technical analysis for the NZDUSD on 29.07.2015

    The NZDUSD: downtrend has turned up

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 0.6850

    Min. 0.6555

    nzdusd10

    Medium-term bearish trend turned up as the price broke the upper border of the descending channel at 0.6610. Moreover, bulls also managed to break above the strong resistance of 0.6670 yesterday.

    Volume divergence is now observed, which means than in a short-run we should [probably expect a small correction into 0.6700 – 0.6670. The test of one of these marks will most likely trigger continuation of the uptrend.

    Potential growth targets will be found at 0.6735, 0.6765, 0.6815 resistance levels.

    Alternative scenario: the breaking of 0.6670 support will be a signal for a bigger correction down.

    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 turned up

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 0.6850

    Min. 0.6555

    nzdusd10

    Medium-term bearish trend turned up as the price broke the upper border of the descending channel at 0.6610. Moreover, bulls also managed to break above the strong resistance of 0.6670 yesterday.

    Volume divergence is now observed, which means than in a short-run we should [probably expect a small correction into 0.6700 – 0.6670. The test of one of these marks will most likely trigger continuation of the uptrend.

    Potential growth targets will be found at 0.6735, 0.6765, 0.6815 resistance levels.

    Alternative scenario: the breaking of 0.6670 support will be a signal for a bigger correction down.

    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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