NZDUSD Technical Analysis for December 04, 2015
Posted by FXTimes in Featured - December 4th, 2015 5:05 am GMT
The 4H chart view we presented here and on different forex forums
, indicated that NZDUSD has completed its rally that begun from 0.6400 levels earlier. The pair has hit the expected/projected extension levels at 0.6700 levels broadly and is meeting resistance around the dropping line as shown here.
Furthermore, the 0.6715 level is also fibonacci 0.618 resistance of the drop from 0.6890 to 0.6400 levels respectively. A bearish signal here, would confirm that the bears are back in control and prices could drop below 0.6400 levels in the coming weeks. Immediate resistance is seen at 0.6780 levels while support is seen through 0.6600 levels, followed by 0.6500 and lower respectively. If the above wave count holds true, the NZDUSD pair should be heading south towards 0.5600/700 levels.
Take profits in long positions. Watching to go short now..