NZDUSD Technical Analysis for November 30, 2015
Posted by FXTimes in Featured - November 30th, 2015 12:27 pm GMT
The 4H chart presented here confirms a bullish engulfing candlestick pattern, that was awaited around the 0.6530 levels earlier. Looking into the wave count, the pair seems to have already formed a low around the 0.6400 levels last week and bounced back. A potential AB rally and a C correction is already in place since last week, with bulls poised to push through higher towards at least 0.6710/15 levels now. Also note that the engulfing bullish signal has appeared at the fibonacci 0.618 of the rally between 0.6500 and 0.6600 levels, and that carries more significance. Immediate support is seen through 0.6500 levels, followed by 0.6400, while resistance is seen through 0.6600 levels (interim), followed by 0.6640/50 and higher respectively. Bulls are expected to remain in control till prices stay above 0.6500 levels broadly. Also note that the RSI has turned from ahead of 30 levels as well, in line with the bullish count.
Remain long, stop at 0.6490, target 0.6710.