Overview:
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- The NZD/USD pair will continue with its rise straight from the level of 0.6578 (23.6% of Fibonacci retracement levels on the H1 chart). Moreover, it is probably going to form a double bottom at the same price of 0.6578. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.6578, so it will be a good sign to buy above the level of 38.2% of Fibonacci with the first target of 0.6649 and further to 0.6682 (it will act as a strong resistance, so it will be a good place to put take profit). This level of taking profit will coincide with 61.8% of Fibonacci retracement level. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6578, the market will decline further to 0.6548 in order to indicate a bearish market in the same time frame.
Trading recommendations:
- According to the previous events, the price will be moving between the levels of 0.6577 and 0.6650.
- Buy above the price of 0.6577 with the first target of 0.6649, it might resume to 0.6682.
- Look for further downside with the targets at 0.6682 and 0.670 below the levels of 0.6545.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for December 9, 2015 . Thanks for your support.
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