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NZDUSD FOREX BREAKDOWN 16 JANUARY 2018
Strong bearish reaction to previous resistance
Looking H4 to find support right now taking out several long holders
with stops below previous lows
Overall bullish structure with a few pullbacks, following bullish movement
(Please split your Position to 3 ...
so as previously stated we broke above the trend line, we also pushed past .68 and closed past that previous resistance. Our next upside target is .687 and I believe if we hit that area we will go all the way up to .69 to hit out original target.
Okay guys so right now its important to watch for key level .6765 If we can respect this level and stay above the trend line then we will be on our way to .69, but if we break below .6765 then .67 should be met shortly after
Looking for a Long on NZDUSD (possibly the 5th wave)
Reasoning for the trade:
1. Break of daily trendline followed by corrective price action
2. Test of horizontal resistence that may act as support
3. Test of area that should have latent orders that require filling
4. RSI oversold, testing 40 on Daily
5. A recovery in Crude prices will help NZD recover aswell ...
ATM we are nearing the Support level of 0,67550. If that Support level holds we could see a raise to the first Resistance level of 0,68150. We could see a small pullback before raising further to the second target of 0,68425.
In the next few hours we could see a raise to 0,69175 Resistance level. If we break that level we could see a raise to the second target which is 0,69700.
Goodluck trading and follow me for more analysis!
NZDUSD has retraced to Fibonacci retracement
level of 0.618 . I am now expecting a drop down
to around 0.67060
Also Stoch RSI is going into overbought territory.
once it crosses the red line i am expecting another
See previous analysis
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Looking for price to retrace bearish until 0.66018 ( 0.5 fib level) before potentially opening up for a bullish continuation. Last week we saw price move very bullish until the 0.66856 zone where price found resistance and looks like its gaining momentum ( retracing) before completing the move at the 0.67779 zone.
Do not rush to enter, always wait for price ...