Technical Analysis of NZD/USD Dates 2014.12.111
Written by the technical team of PipSafe Company
NZD/USD since 11.07.2014 was in a strong and without reformation downtrend that shows the certainty of the sellers in achieving the predetermined goals. Sellers during this downtrend were successful in achieving the lowest price of 0.76056.Price during the Increase by reaching to the Down Trendline(made of 3 top prices)also the R1-WP has been stopped from more ascending and right now some of the buyers by reaching to these resistance levels started to cash their trades.
According to the formed price movements in H4 time frame, there is a Bat harmonic pattern between the top price of 0.78701 and the recent ascending that by completing the D point of this pattern ,there is a warning about stopping of ascending of the price.Stoch indicator in 4H time frame is in saturation buy area and with the next cycle warns about descending of price during the next candles, but because of lack of coordination with the daily time frame is not much valid.Given the current situation of price, the best confirmations for ascending and reformation of price is the price should break Down Trendline and pass it.
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