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, then the market will lead to further decline to 0.8310, in order to indicate a bearish market.
Observations:
- The Fibonacci retracement levels are used to determine accurate psychological levels of support and resistance.
- Strong support will be set at 0.8300.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
