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Thread: Technical analysis of NZD/USD By Instaforex

  1. #1
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    Default Technical analysis of NZD/USD By Instaforex

    Trading recommendations:
    The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7680. A break of this target will move the pair further downwards to 0.7655. The pivot point stands at 0.7790. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7820 and the second target at 0.7850
    Technical analysis of NZD/USD By Instaforex-nzdusdm30-png

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    Default Technical analysis of NZD/USD for January 23, 2015 By Instaforex

    Overview:
    The NZD/USD pair has set a strong support at the level of 0.7362 around the weekly double bottom. Also, be aware of the supports at 0.7430 and 0.7392. On the other hand, resistance has been already placed around the area of 0.7537, because minor resistance has been set at 0.7500; and the prices of 0.7530 and 0.7540 represent strong resistance. So, if the trend is of a downside character, the strength of the currency will be defined as following: NZD is in the downtrend and USD is in the uptrend. Therefore, sell below the level of 0.7537 which represents the weekly resistance with the first target at the 0.7430 price. Moreover, if the trend does not fail to close above the level of 0.7430, it will call for a downtrend to continue its bearish movement towards 0.7362 in order to test this strong resistance (it should be noted that the price of 0.7362 is going to form the weekly resistance and the double top at the same price). At the same time, the stop loss should be placed at the level of 0.7563.
    Technical analysis of NZD/USD By Instaforex-nzdusdweekly-png

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analysis, instaforex, level, nzd, pivot, resistance, stop, support, technical analysis, test, time, trading, trend, upside, usd

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