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Home » Featured » NZDUSD Technical Analysis for December 1st, 2015

NZDUSD Technical Analysis for December 1st, 2015

Posted by FXTimes in Featured - December 1st, 2015 4:32 am GMT

Chart setups:
The 4H chart view is again presented in continuation to what was discussed yesterday. The NZDUSD has been moving towards its extension around 0.6700/15 levels since the turn around that happened on last Friday around 0.6520/30 levels. The wave structure remains very much intact for now with bulls poised to push prices through 0.6700 levels at least now. Immediate support is now seen at 0.6520 levels followed by 0.6500 and lower, while resistance is seen through 0.6640 levels, followed by 0.6700 and higher respectively. Please note that the RSI is nearly touching the 70 levels now, so short term profit booking can be seen from current levels. It is always suggested to book small profits on a resistance break and then look to re-enter towards the larger trend.
Trading recommendations:
Take partial profits on long positions yesterday and move stop to break even levels. Look to re-enter buying around 0.6590/0.6600 levels on a pullback.

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