Daily analysis of Silver for December 22, 2015

SILVERH4.png

Overview

Silver price closed yesterday trading above the bearish channel's resistance that appears in the image, while the price could not surpass the critical resistance barrier at 14.25, which keeps the chances valid for resuming the main bearish trend, especially that stochastic shows clear negative signals on the four-hour time frame. Thus, we keep preferring the overall bearish trend that targets 13.50 then 13.00 initially, unless witnessing a clear breach and a daily close above 14.25 level. Silver price didn't show any strong move since morning, to keep fluctuating near 14.25, therefore, there is no change on the bearish trend scenario that depends on the stability of the daily close below the mentioned level, reminding you that our next targets are at 13.50 then 13.00.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for December 22, 2015

GBPJPYH4.png

Overview

The breach of 180.36 suggests that a decline from 195.86 is resuming. The intraday bias stays on the downside for the next support level of 174.86. A break will indicate a larger trend reversal. On the upside, above 182.12, the minor resistance will turn bias neutral and bring consolidations first. This is supported by the bearish divergence condition in weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we can expect strong resistance from 199.80/200.00 to bring reversal.

Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for December 22, 2015

USDJPYM30.png

USD/JPY is expected to trade with bearish bias.Overnight, the US stock indices closed higher with an end-of-session rally. Rising shares were noted in the semiconductor, food & staples retailing, and consumer services sectors. The Dow Jones Industrial Average gained 0.7% to 17251, the S&P 500 rose 0.8% to 2021, and the Nasdaq Composite was up 0.9% at 4968.

Nymex crude oil edged up 1 cent to settle at $34.74 a barrel, gold gained 1.2% to $1,078 an ounce, while the benchmark 10-year US Treasury yield declined to 2.196% from 2.215% last Friday.

The US dollar remained on the defensive as EUR/USD gained another 0.4% to 1.0912, AUD/USD climbed 0.3% to 0.7187, and NZD/USD was up 0.5% to 0.6757. Meanwhile, the dollar stayed weak against the yen with USD/JPY at 121.15, and strong against the Canadian dollar with USD/CAD at 1.3957. The pair posted a rebound after dipping as low as 120.82 overnight. However, the pair remains under pressure while being capped by the 50-period (30-minute chart) moving average. The 20-period moving average has crossed below the 50-period one. The rebound is losing momentum, and once it ends, the pair is expected to decline toward the first downside target at 120.85 (a price base seen on December 15) and the second one at 120.55 (the low of December 15). Only a break above the key resistance at 121.75 would turn the intraday outlook bullish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.50. A break of that target will move the pair further downwards to 120.15. The pivot point stands at 121.50 . In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.75 and the second target at 122.15.

Resistance levels: 121.75 122.15 122.55

Support levels: 120.50 120.15 119.65

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for December 22, 2015

USDCHFM30.png

USD/CHF is expected to trade with bearish bias as key resistance is at 0.9940. The pair managed to hold above its nearest key support at 0.9830, and it is likely to post some technical rebounds. The relative strength index turned up and jumped above its neutrality area at 50. The resistance base at 0.9940 should prevent any upward attempts. Thus, as long as the resistance level is at 0.9840, the pair is more likely to post further downward movement to 0.9830, and 0.9790 (the high of December 17).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range, as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9990 and the second target at 1.0015. In the alternative scenario, short positions are recommended with the first target at 0.99 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9875. The pivot point is at 0.9925.

Resistance levels: 0.9970 0.9990 1.0015

Support levels: 0.9830 0.9795 0.9750

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for December 22, 2015

NZDUSDM30.png

NZD/USD is expected to trade above 0.6765. The pair extended its gains after the validation of an intraday "bullish flag" pattern. The 20-period and 50-period moving averages are heading upwards, and they will continue to push the prices higher. The relative strength index bounced off its neutrality area at 50, showing strong upward momentum. Hence, as long as 0.6765 is not broken, there is a possibility of further advance to 0.6865 and 0.69 (the high of December 16).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6740, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6710. The pivot point is at 0.6765.

Resistance levels: 0.6865, 0.69, 0.6950

Support levels: 0.6740, 0.6710, 0.6660

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of S&P500 for December 22, 2015

SP500.png

The material has been provided by InstaForex Company - www.instaforex.com

Gold: analysis for December 22 , 2015

GOLDDaily.png22.png

GOLDH4.png22.png

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,078.00. In the daily time frame, I found a strong demand bar, which is a sign that selling looks risky. The trend is downward in the mid- and long terms. In the 4H-time frame, we can observe successful breakout of strong trendline and broken 200 SMA which gave us a sign that we may see further upside. The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,080.50

R2: 1,083.20

R3: 1,087.50

Support levels:

S1: 1,071.90

S2: 1,069.22

S3: 1,064.90

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD : analysis for December 22, 2015

EURNZDDaily.png22.png

EURNZDH4.png22.png

Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5965 in an average volume. In the daily time frame, I found a supply bar. In the H4 time frame, I found a strong head-and-shoulders formation confirmed (a broken neckline). Price also broke again our 200 SMA. Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070 (broken), Fibonacci expansion 100% is at the level of 1.5840 and Fibonacci expansion 161.8% is seen at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6165

R2: 1.6190

R3: 1.6230

Support levels:

S1: 1.6085

S2: 1.6060

S3: 1.6020

Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed a head-and-shoulders formation. Watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 22/12/2015

Global macro overview for 22/12/2015:

The bunch of important data from the US will be released today at 01:30pm GMT with the most important GDP figures for third quarter. The GDP is expected to decrease slightly to the level of 1.9% from 2.1% in the last quarter (2.0% vs. 2.2% on y/y basis). The GDP price index should remain on the same level of - 1.3%. After the recent rate hike from the US Fed, this will be the second important fundamental event this week as it will justify the recent Fed hike and reveal more data about the US economic conditions. If the GDP gets worse significantly, the further Fed hikes might be rather hard to justify.

The US Dollar Index has failed to break back above the golden channel upper line and now is trading just above the important support at the level of 98.33.

dxy.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 22/12/2015

Global macro overview for 22/12/2015:

In yesterday's Monthly Reports released by Bundesbank, the European Central Bank member and Bundesbank President Jens Weidmann pointed out that a possible economic recovery in the eurozone might increase next year, but it still might not be enough to lower notably the unemployment. Moreover, he remainded that the eurozone countries should further consolidate their budgets given their high debt levels which is becoming high to manage. Nevertheless, the eurozone main challenge will be to ensure prosperity and security as the levels of real GDP in the beginning of 2016, that will barely return to growth rates of early 2008.

The EUR/USD pair is trading quietly in the middle of the range after a failure to break out above the technical resistance at the level of 1.0923.

eurusd.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for December 22, 2015

General overview for 22/12/2015 09:10 CET

The market did not confirm the top at the level of 1.4000 yet and any breakout below the level of 1.3847 will be a top conformation. Further development in corrective wave 4 black is anticipated with a potential target at the level of 1.3677.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.4000 and TP at the level of 1.3847.

usdcad_h1.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for December 22, 2015

General overview for 22/12/2015 09:00 CET

The recent upswing looks quite corrective and the whole structure can evolve into a more complex corrective cycle. Any kind of a breakout higher above the level of 132.45 might lead to more gains in this pair as the wave XX brown might develop. Please notice the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.45 - Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.45 and TP at the level of 131.20.

eurjpt_h1.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for December 22 - 2015

2015-12-22-EURNZD-4H.png

Wave summary:

We saw a failed attempt to break above short-term important resistance at 1.6246 yesterday, which added new downside pressure for a new low for wave ii at 1.5949. As long as the start of wave i at 1.5784 stays intact, we will give the bullish count the benefit of the doubt and look for a break above 1.6164 and more importantly a break above 1.6246 to confirm that wave ii is over and an extended wave iii higher is unfolding.

To sum up, a break above 1.6246 failed yesterday and the new low is slightly disturbing and make us more cautious than normal.

Trading recommendation:

We are looking to buy EUR upon a break above 1.6164 and will place stop at 1.5935.

The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/JPY for December 22 - 2015

2015-12-22-EURJPY-4H.png

Wave summary:

We have seen a nicely rally from the 131.00 low. The break above 132.39 is the first minor indication that wave c towards 135.34 and maybe even towards 136.69 now is unfolding. It means the rally of the 131.00 low is not convincing enough so far, but we will hand bulls the benefit of the doubt and stay with the uptrend as long as minor support at 131.65 protects the downside.

The next important resistance to look for is found at 133.78 and a break above here will confirm the rally to 135.34 and possibly higher.

Trading recommendation:

We are long EUR 131.95 and will move our stop higher to 131.60. If you are not long EUR yet, then buy near 132.10 and use the same stop at 131.60.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for December 22, 2015

!_EURUSD.jpg

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, GfK German Consumer Climate, and German Import Prices m/m. The US will release the economic reports too such as the Richmond Manufacturing Index, Existing Home Sales, HPI m/m, Final GDP Price Index q/q, and Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0958.

Strong Resistance:1.0952.

Original Resistance: 1.0941.

Inner Sell Area: 1.0930.

Target Inner Area: 1.0905.

Inner Buy Area: 1.0880.

Original Support: 1.0869.

Strong Support: 1.0858.

Breakout SELL Level: 1.0852.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for December 22, 2015

!_USDJPY.jpg

In Asia, Japan will not release any economic data. The US economic calendar will contain some reports such as Richmond Manufacturing Index, Existing Home Sales, HPI m/m, Final GDP Price Index q/q, and Final GDP q/q. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.86.

Resistance. 2: 121.63.

Resistance. 1: 121.39.

Support. 1: 121.09.

Support. 2: 120.85.

Support. 3: 120.61.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for December 22, 2015

NZDUSDH1.png

Overview:

  • The NZD/USD pair:
  • The resistance will be set at the level of 0.6834 and the support has already been placed at 0.6737.
  • The key level is likely to be set at 0.6737.
  • The level of 0.6834 will represent the double top, for that the value of 100% Fibonacci retracement levels is placed at the same price (double top on H1 chart).
  • The daily pivot point at the 0.6779 price.
  • According to the previous events, the GBP/USD pair is going to move between 0.6737 and 0.6834.
  • We expect a range about 97 pips today.
  • Above the level of 0.6737 the bullish market will be confirmed.

Technical levels:

  • It should be noted that the market of the GBP/USD pair will move between 0.6737 and 0.6834 today.
  • Projected high: 0.6834.
  • Strong resistance (sell limit): resistance will be formed at the level of 0.6834.
  • Current pivot: 0.6780 (weekly pivot point sets at 0.6737).
  • Breakout (sell stop): 0.6737.
  • Projected low: 0.6665.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for December 22, 2015

USDCHFH4.png

Overview:

  • According to the previous events, the USD/CHF pair is still moving between the levels of 0.9813 and 1.0145. So, we expect a large range of about 332 pips this week. The breakout is seen at the ratio of 38.2% Fibonacci retracement level (0.9812). But the key level is set at 0.9910 because it represents minor support and it is coinciding with the 50% Fibonacci retracement level. The history is likely to repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9910 with the first target at 1.0008. It will call for an uptrend in order to continue its bullish movement towards 1.0150. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double top at 0.9785.

Intraday technical levels:

Date: 22/12/2015

Pair: USD/CHF

  • R3: 1.0229
  • R2: 1.0149
  • R1: 1.0008
  • PP: 0.9910
  • S1: 0.9813
  • S2: 0.9693
  • S3: 0.9591

Warning:

  • It should be noted that if there is no significant news to influence the market, the price is likely to be moving from pivot point to resistance 1 or support 1. But if there is significant news, the price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for December 22, 2015

EUR/USD: The EUR/USD went slightly higher on Monday. The price is above the support line at 1.0900, nosing towards the resistance level at 1.0950. The price would either go above the aforementioned resistance line or below the aforementioned support line, based on what happens today.

1.png

USD/CHF: After testing the support level at 0.9800, the USD/CHF has been making some vivid bullish attempts, all in the context of a downtrend. At this juncture, it is not easy to predict the movement of the market, but the bearish bias would not be rendered invalid as long as the resistance level at 1.0050 is not overcome.

2.png

GBP/USD: The GBP/USD consolidated on Monday, in the context of a downtrend. There is a possibility of a breakout today or tomorrow, which is most likely to be in favor of the bears. Any rallies seen in this market should be taken as short-selling opportunities.

3.png

USD/JPY: After the bearish signal we got last week, the USD/JPY still shows the possibility of going further downwards. The demand level at 120.50 is the next possible target for the bears, which might be reached today or tomorrow. On the other hand, the supply level at 122.00 might check any possible rallies along the way.

4.png

EUR/JPY: This currency trading instrument simply moved sideways on Monday, with no directional movement. The price is currently trying to bounce upwards while the outlook remains bearish. The bearish outlook will not be rendered useless as long as the price does not go above the supply zone at 133.50.

5.png

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for December 22, 2015

On H1 chart, USDX is trying to do another bearish consolidation below the 200 SMA, but it seems the bullish outlook remains alive, at least during the Christmas's week. However, that scenario should be invalidated when a breakout happens around the 98.14 level, which would deliver a push lower towards the 97.86 level. MACD indicator is entering oversold conditions.

USDXH1.png

H1 chart's resistance levels: 98.66 / 99.19

H1 chart's support levels: 98.14 / 97.16

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.66, take profit is at 99.19, and stop loss is at 98.14.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for December 22, 2015

No major changes in GBP/USD in Monday's session and during the Christmas week. The support zone of 1.4852 is still a strong level where buyers remain active on a short-term basis. However, we can expect a rally towards the resistance level of 1.4962 as part of the corrective moves within the current intraday's trend. MACD indicator is on the negative territory.

1450736712_GBPUSDH1.png

H1 chart's resistance levels: 1.4918 / 1.4962

H1 chart's support levels: 1.4852 / 1.4802

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.

The material has been provided by InstaForex Company - www.instaforex.com

Gold : analysis for December 21 , 2015

GOLDDaily.png21.png

GOLDH4.png21.png

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,080.00. In the daily time frame, I found a strong demand bar, which is a sign that selling looks risky. The trend is downward in the mid- and long terms. In the 4H-time frame, we can observe successful breakout of strong trendline, which gave us a sign that we may see further upside. The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,065.50

R2: 1,066.20

R3: 1,066.80

Support levels:

S1: 1,063.90

S2: 1,063.40

S3: 1,062.60

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for December 21, 2015

SILVERH4.png

Overview

A silver price returns to test the bearish channel's resistance at 14.10, accompanied by stochastic enter to the overbought levels, which forms negative pressure that we are waiting to push the price to resume the bearish trend, to keep the negative scenario valid until now. Our expected targets begin at 13.50 followed by 13.00, noting that breaching 14.10 – 14.25 levels will lead the price to turn its short-term track to the upside. Silver is trading positively to begin attempt to breach the bearish channel's resistance that appears on the chart, which provides signals for a possibility to turn the short-term track to the upside, but we notice that stochastic shows clear overlapping signals, and that might assist to push the price to decline again.

Therefore, we will keep our bearish trend expectations that its next targets located at 13.50 then 13.00 unless witnessing a daily close above 14.25.

The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD : analysis for December 21, 2015

EURNZDDaily.png21.png

EURNZDH4.png21.png

Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6054 in an average volume. In the daily time frame, I found a neutral bar. In the H4 time frame, I found a strong head-and-shoulders formation confirmed (a broken neckline). Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% is at the level of 1.5840 and Fibonacci expansion 161.8% is seen at the level of 1.5470. The breakout of 1.6015 will confirm further downside.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6200

R2: 1.6240

R3: 1.6300

Support levels:

S1: 1.6080

S2: 1.6040

S3: 1.5980

Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed a head-and-shoulders formation. Watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for December 21, 2015

GBPJPYH4.png

Overview

GBP/JPY's fall from 188.79 is still in progress and an intraday bias remains on the downside. As noted before, a consolidation pattern from 180.36 has completed at 188.79. And more importantly, the whole decline from 195.86 is possibly resuming. A decisive break of 180.36 will target 174.86, the next key support level. On the upside, above 182.12 minor resistance will turn bias neutral and bring consolidations first. The breach of the medium term trend line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in weekly MACD. Besides, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. Break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we'll be cautious on strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 179.45; (P) 181.66; (R1) 182.78

The material has been provided by InstaForex Company - www.instaforex.com

NZD/USD intraday technical levels and trading recommendations for December 21, 2015

nzddaily.png

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

Temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) on the daily chart. Actually, an earlier bearish rejection had been expressed two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern remains located at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

nzdh4.png

Last Tuesday, an obvious bullish breakout above 0.6600 was made via a full-body bullish candlestick in the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponds to the depicted uptrend and the upper limit of the broken consolidation range).

The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.

However, previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

S/L should be updated to 1.6730 to secure some of the achieved profits. T/P levels are projected towards 0.6840 and 0.6900.

Bullish fixation above 0.6750 is needed to ensure bullish movement towards 0.6840. Otherwise, another pullback towards 0.6700 should be expected.

The material has been provided by InstaForex Company - www.instaforex.com