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11.01.201804:19 Forex Analysis & Reviews: NZD/USD continues to form a reversal signal, remain bearish

Long-term review

The price continues to hover around our selling area and is forming a nice reversal signal with a strong shooting star candlestick formation signaling selling pressure. We are still unable to break through our ascending channel which would be the major trigger for our bearish move. For now, we remain bearish below major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect the price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). Only a break of this channel would confirm further downside move.

RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop in price.

Sell below 0.7188. Stop loss is at 0.7280. Take profit is at 0.7041.

Exchange Rates 11.01.2018 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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