NZDUSD Short term forecast and technical analysis
The pair has been retracing lower within the past few days, retesting the main short term support(broken resistance) at 0.7485, today we have seen a strong intraday selloff below that support, however the price managed to rebound late session and close the candle above that level and also above the short term rising trend line... Are we head higher again? I think its very possible that we see more near term upside towards the 50-days SMA and even 0.7620 main next horizontal resistance.
Having said that, my bias remains bullish towards 0.7600 area, and lets see what happens if we reach there, i will be updating this outlook.
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The pair has been retracing lower within the past few days, retesting the main short term support(broken resistance) at 0.7485, today we have seen a strong intraday selloff below that support, however the price managed to rebound late session and close the candle above that level and also above the short term rising trend line... Are we head higher again? I think its very possible that we see more near term upside towards the 50-days SMA and even 0.7620 main next horizontal resistance.
Having said that, my bias remains bullish towards 0.7600 area, and lets see what happens if we reach there, i will be updating this outlook.
------------------------------------------------------------------------------------------------------------------------------------------------------------
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician
