Overview :
- The price of NZD/USD pair is moving between the levels of 0.7715 and 1.7805. As it is known, if the trend is upward, then the strength of the currency will be defined as follows: NZD is in an uptrend and USD is in a downtrend. It should be noticed that the major support had set at the level of 0.7697 and the strong resistance had already placed at the price of 0.7804. Moreover, we expect a new range about 107 pips in the coming two days. Therefore, buy above 0.7700 with the first target of 0.7764, it might resume to 0.7805. The price of 0.7764 and 0.7805 coincides with the ratio of 23.6% Fibonacci retracement levels and 38.2% respectively. On the other hand, below the level of 0.7805 (38.2% of Fibonacci retracement levels) look for further downside with targets at 0.7752 and 0.7699. Also, it should be noted that the level of 0.7699 will form a strong the double bottom in H1 and H4 charts). Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 52 pips for each positions today.
Intraday technical levels:
Date and Time:4/11/2014 11:18
Pair:NZD/USD
- R3: 0.7868
- R2: 0.7830
- R1: 0.7775
- PP: 0.7737
- S1: 0.7682
- S2: 0.7644
- S3: 0.7589
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for November 4, 2014 . Thanks for your support.
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