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NZDUSD FOREX BREAKDOWN 18 DECEMBER 2018
Very strong bullish reaction after forming lows, possible sellers takeout.
Bullish reaction possibly forming new LH.
Market was bullish but changed to bearish last week, good short entrys now!
(Please split your Position to 3 small ones for perfect entrys!) ...
NZDUSD is approaching our first resistance at 77.45 (horizontal pullback support, 61.8% fibonacci extension, 61.8% , 38.2% fibonacci retracement) and a strong drop might occur above this level pushing price down to our major support at 76.85 (100% fibonacci extension, 76.8% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might ...
Short Term Elliott Wave view suggests that cycle from Oct 8 low (0.642) has ended at 0.697 high as black wave ((1)) at 12/04 peak. Pair is now in the process of correcting the rally from Oct 8 low in 3, 7, or 11 swing within black wave ((2)). Decline from 0.6968 is unfolding as a double three Elliott Wave structure where red wave W ended at 0.6852 and red wave X ...
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The New Zealand Dollar depreciated about 84 base points against the US Dollar on Friday. The currency pair was pressured south by the 50-hour simple moving average.
However, the exchange rate bounced off from the lower boundary of an ascending channel pattern at 0.6789 during the morning hours of Monday’s trading session and currently testing a resistance level ...
NZDJPY is approaching its support at 76.39 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 77.33 (50% & 38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.05% where a corresponding bounce could occur.
NZDUSD has breached a major weekly level. The upper trend line was also rejected. Looking for a retest back to the lower trend line and possibly a break of that trend line. -StampsFX
Price is in a short down trend. Think price will meet the trend line again and drops down to the 0.67 area. If price breaks the trend line and gets support from the trend line we will probably see price go back up to 0.69 or even to 0.70 but with the latest Dollar strength I will put my money on a move down.
Currency Pair: NZD.USD
Time Frame: Weekly, Daily & 4hr
Predicted Direction: Short
NZD.USD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.