Technical analysis of NZD/USD for October 23, 2015 Market Analysis Review

Overview:

• The NZD/USD pair is in the short term. The NZD/USD pair will probably turn to bearish sentiment from the level of 0.6836 (below the ratio 78.6% of Fibonacci retracement levels). It should be noted that the last top has set at the level of 0.6840. Accordingly, it will be a good sign to sell below 0.6836 with the first target at 0.6756 to test minor support at this level. Also, it will call for a downtrend in order to continue its bearish movement towards 0.6723 (38.2% of Fibonacci retracement levels). At the same time, the stop loss should be placed above 0.6840 at the level of 0.6878. Equally important, the support is found at the level of 0.6723. Additionally, it should be noticed that the range will be about 105 pips today because we have a high volatility today.

Notes:

• According to the previous events, the NZD/USD pair is going to move between 0.6760 and 0.6836.
• The resistance will be set at the level of 0.6836 and the support has already been placed at the level of 0.6723.
• The key level will set at the level of 0.6802 (daily pivot point).
• The level of 0.6863 will represent the double top.

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