Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8120. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8120. This fact can be considered as a good signal for BUY deals above this strong support (0.8120) with the first targets at 0.8155 and 0.8200 (it will serve as a strong resistance level and is considered to be appropriate for take profit orders). It is necessary to mention that this level will coincide with the weekly resistance 1 (0.8201). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8201, the market will show a further decline to the level of 0.8160 indicating a bearish mood in order to retest the weekly pivot point at the level of 0.8126.
Weekly Pivot Points:
R3: 0.8351
R2: 0.8276
R1: 0.8201
PP: 0.8126
S1: 0.8051
S2: 0.7976
S3: 0.7901
Range: 150 pips.
Volatility: 121.91. Therefore, the market indicates the higher volatility.
Strong Levels:
0.82760, 0.82260, and 0.8152
0.79760, 0.80260, and 0.8097
If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.
