Overview:
The NZD/USD (kiwi dollar) will be continued straight from 0.8500 (At H1 chart between 38.2% of Fibonacci retracement levels and 50%), therefore the Kiwi is shown signs of strength following the break of the highest level of 0.8500, so it will be a good sign to buy above the level of 38.2% of Fibonacci retracement levels on H1 chart (it is probably going to form a double bottom) with a first target of 0.8560 and further to 0.8600 (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 of reversal takes place and the NZD/USD breaks through the support level of 0.8500 then the market will lead to further decline to 0.8440, in order to indicating for a bearish market.
Trading recommendations:
According to the previous events, the price is still between the levels of 0.8520 and 0.8570.
The descending movement will probably be lower than 0.8600 level with the first targets at 0.8555 and 0.8510.
Buy deals are recommended above 0.8500 with targets at 0.8570 and 0.86.
Note:
Range around 100 pips.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
