NZD/USD medium short , possible correction to 0.6407

01.09.2015 / 10:17

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NZD / USD downtrend and correction which is still in force.

The last descending movement ended with two bars with long lower shadows, indicating support to buyers around these levels, then the short-term correction continued with bull bars, indicating likelihood to test the levels of breakthrough 0.6407, where we will look for signs of new short.

CCI (50) is less than 0, which means that each adjustment will be looking for sell signals.

CCI (14) crosses -100 from the bottom up, which means that the correction still has power.

Lower top and a deeper bottom - medium short continues.

Three bull bars, it is possible for the correction to continue "three white soldiers".

Area of resistance 0.6407 and dynamic resistances 13 period average around these levels.

Sell only after CCI (14) reverses its downward movement or after price action signal.

Sentiment: bad data from China will continue to have a negative impact on the NZD.

Stefan D. Angelov - Head of Stocks Trading

Varchev Traders

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NZD/USD medium short , possible correction to 0.6407

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