Overview :
- The NZD/USD pair is going to continue rising upright from the price of 0.8540. Equally importantly, it should be noted that 38.2% of Fibonacci retracement levels and the level 0.8540 are conforming the same price for that. This level is probably going to form a strong support. Accordingly, the Kiwi is showing signs of strength following the break of the highest level at 0.8538. So, it will be a good sign to buy above the level of 38.2% of Fibonacci retracement levels in the daily chart with the first target at 0.8710 and further at 0.8830 (it will act as a strong resistance). Thus, it is going to be a good place to take profit. Besides, it also should be noted this level of taking profit will coincide at the double top. On the other hand, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8650, the market will lead to further decline to 0.8445, in order to indicate for a bearish market in the long term.
Notes :
- The level of 0.8846 is going to act as the highest level.
- The minor support has set at 0.8540.
- We expect a bullish market in coming days.
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 July 16, 2014 . Thanks for your support on Technical analysis of NZD/USD for July 16, 2014
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