NZDUSD Technical Analysis - Monthly Forecast for 2015: Ranging Bearish
MN price.
Ichimoku Analysis
The price crossed Senkou Span A line (the border of kumo) on close monthly bar and came to ranging bearish zone.
Chinkou Span line of Ichimoku indicator crossed the price from above to below for beakdown of the price movement.
So, for now, I can say that it is ranging bearish market condition for monthly timeframe.
- If the price will stay inside the cloud so the ranging market condition with primary bearish will be for whle next year.
- If the price will cross Senkou Span A line from below to above so we may see the primary bullish market condition.
Support & Resistance Analysis
The
nearest resistance line is the border of Ichimoku cloud which is 0.7930, and the next resistance is 0.8834. The nearest support level is 0.7708, and if the price will cross this level from above to below so it will be fully reversal of the price movement to primary bearish based on support/resistance levels on MN1 timeframe.
- If
MN1 price will cross 0.7930 resistance level on close
monthly so the ranging bearish market condition will be reversed to primary bullish.
- If MN1 price will break 0.7708 support level so we will see the secondary ranging within primary bearish.
| Resistance | Support |
|---|---|
| 0.7930 | 0.7708 |
| 0.8834 | N/A |
To make it shorter - I am expecting the secondary ranging market condition with the primary bearish for the next year which may be good for martingale systems, for counter trend strategies and for scalping for example.
Trading Summary: ranging bearish
If we look at patterns for MN1 timeframe so we can see bullish Retracement forming pattern:
Thus, I think - most effective way to know about where the price will go to the next year is watching 0.7708 level for MN1 timeframe. My expectation is ranging bearish.
