Overview :
- The NZD/USD pair will be continued straight from the level of 0.8636 in H4 chart. The level of 0.636 is coinciding with the ratio of 61.8% of Fibonacci retracement levels. Therefore, the Kiwi is showing signs of strenght following the break of the highest level of 0.8630, so it will be a good sign to buy above the level of 61.8% of Fibonacci retracement levels in H4 chart with the first target of 0.8690 and further to 0.8732. Also, it should be noted that the 0.8732 price will act as strong resistance for that it is going to be a good place to take profit. Moreover, note that this level of taking profit will coincide at 88.2% of Fibonacci.
- However, in case of reversal takes place and the NZD/USD breaks through the support level of 0.8590, the market will lead to further decline to 0.8550, in order to indicate a bearish market.
Intraday technical levels :
Date: 17/06/2014
- Projected high: 0.8805
- Breakout (buy stop): 0.8750
- Strong resistance (sell limit): 0.8720
- Current pivot: 0.8681
- Strong support (buy limit): 0.8642
- Breakout (sell stop): 0.8617
- Projected low: 0.8567
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of NZD/USD for June 17, 2014 . Thanks for your support on Technical analysis of NZD/USD for June 17, 2014
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