Home Technical Analysis Bears gradually hauling NZDUSD to next Fibonacci support
Bears gradually hauling NZDUSD to next Fibonacci support

Bears gradually hauling NZDUSD to next Fibonacci support

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In our previous technical analysis for the NZDUSD pair, we have suggested bearish tendencies based on the negative technical factors appeared over monthly studies.

The NZDUSD pair has declined, attempting to stabilize below the psychological level of 0.7000 as seen on the provided chart.

NZDUSD-11-06-2015-FXCOMMENT

Bears are now hauling the pair towards 50% Fibonacci retracement of the entire upside wave from 0.4890 to the significant long-term peak of 0.8840 along with negative signs on Know Sure Thing and stronger bearish sign on Vortex.

To recap, hold on you short position, as the long-term studies are definitely bearish.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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