Technical analysis of NZD/USD for January 29, 2016

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Overview:

  • The NZD/USD pair is still trading between the levels of 0.6428 and 0.6558, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate signs of a bullish trend. In other words, buy deals are recommended above the level of 0.6427 with its first target at 0.6558. From this point, the pair is likely to begin the ascending movement to the point of 0.6558 and further to the level of 0.6593 in order to form a new double top in the H1 chart. However, if the pair fails to pass through the level of 0.6593, the market will indicate a bearish opportunity below the new strong resistance level of 0.6593. Regarding to this, sell deals are recommended below the level of 0.6593 with the first target at 0.6477. It is possible that the pair will turn to downward movement, continuing the development of the bearish trend towards the level of 0.6424.

The material has been provided by InstaForex Company – www.instaforex.com

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