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    Technical analysis of NZD/USD for May 20, 2015

    nzdusdh4.png

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    Trading recommendations
    • According to the previous events, the NZD/USD pair is still moving between 0.7385 and 0.7274, which coincides with the double bottom in the H4 chart.
    • Strong resistance will be formed at the level of 0.7385 providing a clear signal for sell deals with the targets seen at 0.7320 and 0.7274.
    • In the short term, the strong support level will be formed at 0.7274 providing a clear signal for buy deals with the target seen at the level of 0.7366.
    • Stop loss is to be placed below the double bottom today.
  • Strong resistance will be formed at the level of 0.7385 providing a clear signal for sell deals with the targets seen at 0.7320 and 0.7274.

  • In the short term, the strong support level will be formed at 0.7274 providing a clear signal for buy deals with the target seen at the level of 0.7366.

  • Stop loss is to be placed below the double bottom today.

  • Observations
    • The level of 0.7366 represents the daily pivot point.
    • The double top will be set at the level of 0.7453.
    • We expect a range of 72 pips today. But it should be noted that the risk of 48 pips must make a profit of 72 pips.
    • The value of 23.6% Fibonacci retracement levels is 0.7390 (for confirming for the bullish market).
    • Please check out the market volatility before investing, because the sight price may have been already reached and scenarios might have become invalidated.
  • The double top will be set at the level of 0.7453.
  • We expect a range of 72 pips today. But it should be noted that the risk of 48 pips must make a profit of 72 pips.
  • The value of 23.6% Fibonacci retracement levels is 0.7390 (for confirming for the bullish market).
  • Please check out the market volatility before investing, because the sight price may have been already reached and scenarios might have become invalidated.

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