FX.co ★ Candlestick analysis of NZD/USD for September 30, 2010

NZD/USD continues to trade down. Earlier on a daily chart, NZD/USD has formed the combination of candlesticks Breakaway that indicate the downward movement.
This candlestick has formed near the resistance level of 0.7415 where the bulls did not fixate and the bears started to increase their influence.
The breakthrough of Fibonacci correctional level 23.6 will denote that this viewpoint is correct. In this case, the downtrend to the support level of 0.7159 should be expected. The breach of this mark will lead to the downside move with the target to 0.6947. However, it can be limited by Fibonacci correctional level 50.0 near 0.7000.
It is recommended to set stop orders slightly above 0.7415 as the breakthrough of this resistance level will set a target to 0.7450 for the currency pair.