mql5

NZD/USD: bearish breakdown. Weekly price is located below Ichimoku cloud for the bearish market condition with the ranging within the following key support/resistance levels:

• 0.6881 resistance level located on the border between the primary bearish and the primary bullish trend on the weekly chart, and
• 0.6380 support level located below Ichimoku cloud in the primary bearish area.

Chinkou Span line of Ichimoku indicator is located near the price for the possible breakdown to be started in the medium term situation, and Absolute Strength indicator is estimating the bearish trend to be continuing in the future.

There are the following news events which will be affected on NZD/USD price movement for the week:

• 2016-01-19 02:00 GMT | [CNY - GDP]
• 2016-01-19 02:00 GMT | [CNY - Industrial Production]
• 2016-01-19 21:45 GMT | [NZD - CPI]
• 2016-01-20 13:30 GMT | [USD - Core CPI]
• 2016-01-21 13:30 GMT | [USD - Philly Fed Manufacturing Index]

If the price will break 0.6480 support level on close bar so the bearish trend will be continuing up to 0.6102 bearish target to re-enter.
If the price will break 0.6102 support level on close bar so we may see the bearish breakdown for this pair.
If the price will break 0.6881 resistance level on close bar so the reversal of the price movement from the primary bearish to the primary bullish market condition will be started.
If not so the price will be on ranging within the levels.

• Recommendation for long: watch close D1 price to break 0.7384 for possible buy trade
• Recommendation to go short: watch D1 price to break 0.7171 support level for possible sell trade
• Trading Summary: bearish ranging

Resistance	Support
0.6881	0.6480
0.7584	0.6102