NZDUSD Technical Analysis for December 08, 2015
Posted by FXTimes in Featured - December 8th, 2015 5:49 am GMT
The $H chart presented here indicates that NZDUSD pair has been forming higher highs and higher lows since 0.6400 levels. The pair has retraced lower after printing fresh highs last week around the 0.6770/80 levels. The pair is trading at the fibonacci 0.618 support of the rally between 0.6500/10 and 0.6780 levels respectively at 0.6630 levels as per candlestick patterns
Bulls are expected to be poised to take control again from current levels and push prices higher above 0.6800 levels at least. If the above wave count holds true, prices should remain/stay above the 0.6600 levels. Please also note that prices are stalling just around the past resistance turned support area and above the trend line support as well.
Bulls are expected to target at least 0.6850 levels, on a reversal from current levels. With the RSI holding well above 30 levels, bulls are favoured to take back control from here on.
Long now, stop at 0.6580, target above 0.6850.