Overview:
The NZD/USD (kiwi dollar) has been moving straight from 0.8200 (at H4 chart 00% of Fibonacci retracement levels formed strong support at 0.9182), therefore the Kiwi shows the signs of strength following the breakdown of the highest level 0.8200, so it will be a good sign to buy above the level of 00% of Fibonacci retracement levels on H4 chart with the first target at 0.8280 and futher at 0.8360 (it will act as a strong resistance for that and it is going to be a good area to take profit). However, in case of reversal and if the NZD/USD breaks through the support level of 0.8200, the market will lead to futher decline to 0.9135 in order to indicate the bearish market.
Trading recommendations:
According to previous events, the price will be trapped between 0.8225 and 0.8290.
Buy above 0.8200 with the first target at 0.8280, it might resume to 0.6360. (Strong resistance).
Below 0.8380/0.84 look for further downside with 0.8250 and 0.8200 targets.
Observations:
Key level at 0.8200.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
