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By: Adam Stone
January 26th, 2015 10:00am GMT, London UKNZDUSD

Price action is now trading inside its newly formed horizontal support level and is expected to test it which can result in a series of false breakouts and breakdowns. The NZDUSD is anticipated to successfully breakout and reverse its losses. Binary options traders can take advantage from the expected breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 0.7430 for a risk/reward ratio of 1.0/1.98.

The NZDUSD did experience a sharp decrease in volatility as this currency pair was trapped in an orderly but aggressive move to the downside. Volatility is expected to increase with the formation of its new horizontal support level as buyers and sellers will try to test this level. Sellers are likely to use the existing downward momentum in order to force a breakout and extend the corrective phase. Buyers are favored to breakout and drift to the upside from extreme depressed levels.

The first resistance level awaits the NZDUSD at its intra-day low of 0.7554 which was reached on January 21st 2015. A breakout above this level will take the NZDUSD to its next resistance level at its intra-day low of 0.7618 which was recorded on January 5th 2015. This level marks the low of a previous corrective phase which pushed this currency pair back inside its horizontal resistance level. The final resistance level is located at its intra-day high of 0.7889 which was recorded on January 15th 2015 from where there current move to the downside originates.

The following economic data out of New Zealand already impacted the base currency, the New Zealand Dollar, of the NZDUSD currency pair:

Credit Card Spending for the month of December:
• Expectations: A monthly contraction of 0.1% was expected for December, an annualized increase of 4.9%
• Previous Report’s Data: A monthly increase of 0.4% was reported in November, an annualized increase of 5.1%
• Released Data: A monthly contraction of 0.6% was reported in December, an annualized increase of 4.5%
• Impact on the New Zealand Dollar: The worse than expected reading on credit card spending did not apply meaningful downward pressure on the New Zealand Dollar which favors binary call options in the NZDUSD currency pair

In addition the following economic report out of the United States is expected to impact the quote currency, the US Dollar, of the NZDUSD currency pair:

Dallas Federal Reserve Manufacturing Activity Index for the month of January:

• Expectations: A reading of 4.0 is expected for the month of January
• Previous Report’s Data: A reading of 4.1 was reported for the month of December
• Impact on the US Dollar: The anticipated contraction in the Dallas Federal Reserve Manufacturing Index may suffice to pressure the US Dollar to the downside; this favors binary call options in the NZDUSD currency pair

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
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