NZDUSD Analysis 21/01/15

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
139 0 2
Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7620 (Horizontal Support), 0.7840 (Horizontal Resistance), 0.8000 (Significant Round Number), Rectangle

Currently, the price of this currency pair is below the rectangle . It might indicate that the bears are ready to take over and push the price further down, but we cannot confirm it yet. We found a new support, just below the rectangle . The market might struggle a bit before going further down. As of writing, today's price has gone up since it opened. It might be a good opportunity for us to sell near the 0.7690 price level after a rejection of this level happened.

We are bearish on this currency pair and we are looking for a good opportunity to sell. The price broke below the rectangle pattern and this is one of the setups that we are looking for. As mentioned, today's price has gone up. This could be our opportunity to place our Short order if the price action tells us so. If the price continues to go up in today's bar, and rejects the 0.7690 level, that would be our signal to sell. Remember that price action is important on significant levels, and in this case, it's the 0.7690 price level.

Trade well.
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