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Exchange Rates 20.01.2020 analysis

Technical outlook:

NZD/USD might be preparing for yet another rally towards 0.6800 levels, to take out resistance at 0.6790. We can expect a meaningful corrective drop thereafter towards 0.6500 levels. Please note that NZD/USD has found interim support at the fibonacci 0.382 retracement of the recent upswing between 0.6322 and 0.6750 levels respectively. Moreover, bulls have already managed to break into the buy zone of the trend line resistance. So, NZD/USD has back tested support around 0.6584 levels. If the recent lows at 0.6580/85 levels remain intact, NZD/USD bulls should remain in control and push prices towards yet another high before giving in to bears again. In accordance to the price resistance at 0.6790, we are expecting a minimum push through the same before pulling back lower again. NZD/USD would maintain its bullish structure until prices stay broadly above 0.6200 levels.

Trading plan:

Remain long, stop @ 0.6550, target @ 0.6800 levels.

Good luck!

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

Performed by Oscar Ton,
Analytical expert
InstaForex Group © 2007-2020
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