NZDUSD 0.67 is critical long-term resistance

GBPUSD in a fragile uptrend
February 9, 2016
Gold daily analysis
February 12, 2016

Last week as I mentioned through my twitter account @alexanderyf, NZDUSD got rejected at important resistance area of 0.6750-0.67. I chose to open short positions at that level as subscribers got informed via SMS right on time as I was sending my orders to the market. I expected price to get rejected at the resistance trend line and at the Ichimoku cloud.

nzdusd

As can be seen in the weekly chart above, price remains below the Ichimoku cloud and got rejected at the long-term downward sloping blue trend-line. Important weekly support is at 0.65. Short-term support is at 0.6565 while short-term resistance is at 0.6630 where I will lock my profits.

nzdusd2

Price is turning lower into what I expect to see a sharp decline similar to the one from 0.69 to 0.63. A break however above the downward sloping trend line will open the way for a much bigger bounce even towards 0.7250-0.7350.

 

Thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.