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22.01.201603:48 Forex Analysis & Reviews: Technical analysis of NZD/USD for January 22, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 22.01.2016 analysis

Overview:

  • The NZD/USD pair is expected to find minor support at the level of 0.6512 (a daily pivot point) considering strong support at 0.6437, which represents the weekly support this week. So, the strong support will set at the spot of 0.6437 and 0.6400 today. Besides, you have to consider the level of 0.6606, which represents strong resistance and a double top at the same time. We expect a range about 105 pips today. The market will probably indicate a bullish opportunity at the level of 0.6510 and the weekly pivot point will act as minor support around the area of 0.6512. So, according to the previous events, the price is likely to move above the level of 0.6512. From the source previously mentioned, the area above 0.6512 looks for a further upside move with the first target at 0.6565 and continue towards 0.6606.

Intraday technical levels:

  • R3: 0.6728
  • R2: 0.6647
  • R1: 0.6583
  • PP: 0.6502
  • S1: 0.6438
  • S2: 0.6357
  • S3: 0.6293
Mourad El Keddani
Analytical expert of InstaForex
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