NZDUSD Analysis 07/01/15

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
112 0 3
Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), 0.7820 (Short term significant area), Rectangle .

The price is still inside the rectangle as of writing. It has previously gone down below the rectangle , but immediately went back up inside it. This indicates that there is still an indecision in the market. Though there is an indecision, we are still bearish on this market as that is what the price chart tells us. If the price broke above the rectangle , we can probably say that a reversal of the trend is in the making. There is no bearish price action here as of now, therefore we cannot trade this currency pair as of the moment. Actually, we got a bullish price action (a bullish pin bar that recently formed below the rectangle ) here. That price action contradicts our trend, but confirmed that the rectangle is still valid.

Trade well.
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