NZDUSD Technical Analysis for November 25
Posted by FXTimes in Charts - November 25th, 2015 4:12 am GMT
A 4 H chart view has been presented here to review the intermediary wave counts. The above chart might be indicating that a short term low is in place at the 0.6400 levels. The rally from 0.6400 through 0.6606 levels has broken the immediate line of resistance and also the 0.6587 price resistance. Furthermore, prices dropped lower and bounced off the fibonacci 0.618 support around 0.6496 levels, confirming a potential C being formed in between the AB boundary. Looking forward, if the above wave count holds well, the pair should see through 0.6700/10 levels immediately, and 0.6900 levels in the interim. Immediate support is seen at 0.6500 levels (interim), followed by 0.6400 levels while resistance is seen at 0.6606 (interim) and higher respectively. The RSI bounced from above 30 levels also indicates that potential still remains on the long side.
Go long as close to 0.6500/30 level, stop at 0.6400, target 0.6710.