Technical analysis for the NZDUSD on 26.11.2015


The NZDUSD: the uptrend is weakening


The New Zealand dollar has been correcting from 0.6500 support for the whole week. Correction up is developing amid low volumes.

Current divergence suggests weakening bullish potential. However, recent breakout of 0.6570 resistance bolstered further corrective growth.

Potential correction target is situated at the descending trend line of 0.6620. The test of the trend line will most likely trigger consolidation, followed by the rebound down to the next target at 0.6500.

Alternative scenario:

Correction up will continue if price breaks resistance at 0.6620. The breakout will open the way up to 0.6700.


Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!


About Author

Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.