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Market Analysis

Home » Featured » NZUSD Technical Analysis for December 16, 2015

NZUSD Technical Analysis for December 16, 2015

Posted by FXTimes in Featured - December 16th, 2015 6:56 am GMT

Chart setups:
The 4H chart view presented here indicates that NZDUSD could be wanting to produce at least a meaningful retracement from current price action around 0.6755 levels. The pair has reversed yesterday from the fibonacci 0.786 resistance of the earlier drop between 0.6900 through sub 0.6400 levels. If this wave count is true, we should see prices tumbling below the 0.6400 levels in coming sessions. A break below the trend line support here would confirm and also accelerate prices dropping lower. Immediate support is seen at 0.6687/90 levels, followed by 0.6577 and lower while resistance is seen through 0.6820 levels, followed by 0.6865 and higher respectively. Also note that RSI has reversed lower from the 70 levels, which is encouraging to bears.
Trading recommendations:
Short now, stop at 0.6900, target is open.
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