Overview:
The NZD/USD pair continues rise from 0.8500 (on the 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 reversal takes place and the NZD/USD pair breaks through the support level of 0.8500, the market will lead to further decline to 0.8440, in order to indicate a bearish market. 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.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
