We are in bearish mode on NZDUSD currency pair
Here is the forex forecast and NZDUSD technical analysis for NZDUSD January 5 2015. Below you will find illustrations forex analysis of NZDUSD on various time frame. We tried to graphically illustrate our forex analysis for NZDUSD so that you can logically understand the significance of our analysis.
NZDUSD pair still following our last few analysis. On the weekly chart of this pair ,there is a strong monthly Fibonacci level 23.6 support at 0.76800 price level. USD is strongly bullish mode, we are expecting that the pair will break the level and continue the downtrend to 0.73500 price level that is Fibonacci level 38.2. We will wait a bit for the definite crossing of 0.76800 price level and only then we can go short on this pair.
On the monthly chart of NZDUSD pair, market is still hanging on the monthly 23.6 Fibonacci level. It is waiting to break the level. Today we will find a new monthly candle if it opens below that 23.6 level of 0.73500 level then it might be an indication of further down trend on NZDUSD pair.
The daily chart of NZDUSD pair shows us that market is testing the current support level 0.735000 level and its ranging. But as we already told we are expecting that strong USD dollar will break this support level and the pair will fall further down.
On the H4 chart, the market is ranging in our that given level. Market for NZDUSD is still undecided. The first trading day of this week is very important as it might gives us a decision or give us a new signal for a short trade.
Team YellowFX is bearish on NZDUSD currency pair. Most of the charts shows that the market is trying to break that monthly 23.6 Fibonacci level. Still its unable to break that level. But today we will see a new monthly candle and it might break that level. We have to wait and see.