The candlestick analysis of NZD/USD for 30/06/2010

Earlier on a 4-hour timeframe the NZD/USD currency pair has formed Doji candle on upward trend. Favorable fact for downward motion is that this candle has developed around strong resistance level of 0.7160, where the bulls have not manage to fixate and the bears have started to increase their influence and a pullback took place.
In addition, NZD/USD broke out the support level of .6995. So, the current viewpoint is correct. The breach of this mark also led to the formation of “triple vertex”. Now it should be expected that the pair will be able to move downwards to the level of 0.6800, where Fibonacci correctional level of 61.8 and strong support level are also placed. If this level is broken through, NZD/USD will aim to next support level of 0.6572.
On the other hand, if the resistance level of 0.7160 is broken out short positions should be closed, as it will open the way to 0.7300.
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