Overview :
The NZD/USD pair (Kiwi Dollar) continues its movement straight from 0.8300 (at H4 chart 38.2% of Fibonacci retracement levels, as well it is probably going to retest it again). Therefore, the Kiwi has shown signs of strength following the break of the highest level of 0.8300, so it will be a good sign to buy above the level of 38.2% of Fibonacci retracement levels on H4 chart (strong support) with the first target of 0.8400 and further to 0.8450 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide at 78% of Fibonacci). However, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8350, the market will lead to further decline to 0.8310, in order to indicate a bearish market.
Note:
- It should be noted that it is possibly that the price will be trapped between: 0.8410 and 0.8325 this week.
- Range for yesterday was only 34 pips, hence the market indicates the lower volatility (volatility: 28.45).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via NZD/USD: technical analysis for April 2, 2013 . Thanks for your support on NZD/USD: technical analysis for April 2, 2013
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