From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
At the monthly chart we see that the NZDUSD currency pair since creation of the formation of double top at level around 0.9000 in July 2014 moves down. As a result of these declines we beat local support at 0.7500 which is now re-tested from the bottom (as resistance).
In September there was a bearish pin bar candle rejecting the current level and only if the demand does not negate this rejection, then we might expect declines even to support around 0.6000 coinciding with the upward trendline.
An additional confirmation of the decline in the longer term may also be the fact that today was rejected the resistance around the level of momentum 50% Fibonacci correction of the whole, ongoing since July 2014 bearish impulse.
On the daily chart we see that as a result of the ongoing from 9 November declines market overcame uptrend lines. Declines, however, did not last long because the first strong reaction of demand appeared in the vicinity of the closest local support 0.7050. In the near future we expect a re-test of aforementioned upward trendline although there is a high probability that a potential upward correction could reach even in the vicinity of the level 0.7235.
Taking a look on H1 chart we can see that for several days the market moves in the consolidation. The emergence of a strong reaction rejecting the demand level of 0.7045 yesterday afternoon moved to the north and in the near future we can expect the next re-test the upper limit box.
Looking at the chart we see M15, ongoing since yesterday increases which very technically re-test each subsequently defeated resistance. We are now around the level of 0.7110, which could open the way to growth in the area of the upper limit of consolidation and overcome it .
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