15.01.201606:20 Forex Analysis & Reviews: NZD/USD intraday technical levels and trading recommendations for January 15, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On December 30, significant bearish rejection existed around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.

Moreover, a daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500, which was broken-down as well.

The depicted chart illustrates a double-top reversal pattern. The depicted support level at 0.6430 should be broken-down in order to confirm the reversal pattern.

However, traders should note that the level of 0.6430 constitutes a significant support level which corresponds to the backside of the broken downtrend line depicted on the chart.

Hence, a strong bullish rejection and a valid buy entry should be expected.

On the other hand, an obvious bearish closure below 0.6430 opens the way towards 0.6250 where multiple previous bottoms are located.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.