NZD/USD Next Month Outlook - Fibo support level to be broken as the next bearish target
25 September 2015, 06:11
0
983
W1 price is below 200 period SMA
(200-SMA) and below 100 period SMA (100-SMA) for the primary bearish market
condition with the secondary ranging within Fibo support level at 0.6084
and 38.2% Fibo resistance level at 0.6737:
- 23.6% Fibo support level at 0.6469 was crossed by the price for Fibo support level at 0.6084 as a next bearish target;
- descending triangle pattern was formed with 0.6084 support to be crossed by the price from above to below for the bearish trend to be continuing;
- RSI indicator is estimating the bearish market condition.
If the price will break Fibo support level at 0.6084
so the primary bearish market trend will be continuing.
If the price will break 38.2% Fibo resistance level at 0.6737 from below to above so the secondary bear market rally will be started.
Trend:
