Technical analysis of NZD/USD for October 7, 2015 Market Analysis Review

Trading recommendations:

• The resistance of the NZD/USD pair is going to be at the level of 0.6707. The level of 0.6707 is coinciding with the ratio of 100% Fibonacci retracement levels. Consequently, the descending movement will probably be lower than the double bottom (0.6707 level) with targets at 0.6600. If the trend breaks this minor support at the level of 0.6600, the market will head towards further decline to 0.6527 today in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.6527 (61.8% of Fibonacci retracement levels). Moreover, it will be very profitable to buy above this level for retesting it in the short term. Therefore, buy deals are recommended above the 0.6527 level with targets at 0.6651 and 0.6704 to reach the double top. Furthermore, the NZD/USD pair will be traded between the levels of 0.6527 and 0.6707.

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