mql5

NZD/USD: breakdown with the bearish reversal. The price broke Ichimoku cloud from above to below together with 0.6589 support level and it was stopped by 0.6513 support in the primary bearish area of the chart. Chinkou Span line of Ichimoku indicator is crossing the price to below for the breakdown to be continuing, and Absolute Strength indicator is estimating the bearish trend in the near and medium-term future for example.

We are having 3 simple scenarios for the price movement for the week:

• bearish breakdown will be continuing in case the price breaks 0.6513 support to below on close daily bar, with 0.6427 as the next bearish target,
• the price will be fully reversed to the primary bullish market condition in case of breaking 0.6881 resistance,
• or the the price will be ranging within 0.6513/0.6881 area.

The most likely scenario in this situation for the price is to break 0.6513 support level to below for the bearish breakdown to be continuing in a possible ranging way.
There are the following news events which will be affected on NZD/USD price movement for the week:

• 2016-12-10 21:45 GMT | [NZD - Building Consents]
• 2016-12-12 00:00 GMT | [NZD - ANZ Commodity Prices]
• 2016-12-12 10:30 GMT | [USD - FOMC Member Fischer Speaks]
• 2016-12-14 13:30 GMT | [USD - Jobless Claims]
• 2016-12-14 21:45 GMT | [NZD - FPI]
• 2016-12-15 13:30 GMT | [USD - Core Retail Sales]
• 2016-12-15 13:30 GMT | [USD - Core PPI]

Resistance	Support
0.6881	0.6513
N/A	0.6427