Tuesday, December 19, 2017
NZD/USD Fulfilled My Expectations For A Rally
Just as I thought in my last NZD/USD assessment the pair reached 0.6780 and started rallying from that level, reaching the other level I had written about at 0.70(33)>>>
What can we expect from now on from this pair?
The support on the monthly time frame at 0.6780 is still valid and considering the approaching Winter holidays and the slowing down of the market I doubt there will be a breakout in the following days.
On the W1 and D1 time frame the pair, however, reached a strong resistance at 0.7033. On the D1 time frame it is especially obvious that after one spinning top bar and two falling star bars the pair cannot continue rallying and it will renew its move to the downside. The support levels are at 0.6900 and 0.6800 and we could see a test of the last low at 0.6780.
Depending on how the December monthly bar will close we could make a prognosis whether a strong rally or a drop will follow.