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FxGrow Daily Technical Analysis – 11th Nov, 2015
By FxGrow Research & Analysis Team
NZDUSD double bottom on support 0.6500
Last analysis of October 29 gave earn 160 pips. I wrote: "Last year on NZDUSD is a downtrend. Currently rebound reached to level fibo 38.2% and with strong trend price may now return to the declines" and "In the near future it is likely the second test of this support, and if the bears will be strong enough support will be broken below and falls may reach to the level of 0.6500".
For 4 days volatility is weaker on NZDUSD. Bulls will buy through the formation double bottom (shown on H4). However, the current consolidation is more likely to continue to fall, and rebound may be shallow. Due to the fact that the dollar strengthened against most currencies, and so far there is no indication that this trend was reversed. If support at 0.6500 will be broken next targets of falls are at levels 0.6240, 0.6015. Alternatively if rebound will be strong enough next strong resistances are at levels: 0.6630, 0.6710, 0.6900.
For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Research & Analysis Team
NZDUSD double bottom on support 0.6500
Last analysis of October 29 gave earn 160 pips. I wrote: "Last year on NZDUSD is a downtrend. Currently rebound reached to level fibo 38.2% and with strong trend price may now return to the declines" and "In the near future it is likely the second test of this support, and if the bears will be strong enough support will be broken below and falls may reach to the level of 0.6500".
For 4 days volatility is weaker on NZDUSD. Bulls will buy through the formation double bottom (shown on H4). However, the current consolidation is more likely to continue to fall, and rebound may be shallow. Due to the fact that the dollar strengthened against most currencies, and so far there is no indication that this trend was reversed. If support at 0.6500 will be broken next targets of falls are at levels 0.6240, 0.6015. Alternatively if rebound will be strong enough next strong resistances are at levels: 0.6630, 0.6710, 0.6900.
For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.