Trading recommendations:
- The NZD/USD pair on March 8, 2014. The resistance is going to set at the level of 0.8660. It should be noted that the level of 0.8660 is coinciding with the ratio of 78.6% Fibonacci retracement levels. Consequently, the descending movement will probably be lower than the 0.8660 level, with the targets at 0.8616, and the market will lead to further decline to 0.8560 today in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.8560. Furthermore, it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 0.8560 level with targets at 0.8590 and 0.8630 to reach the ratio of 61.8%.
Intraday technical levels:
Date: 8/04/2014
Pair: NZD/USD
- Projected high: 0.8734
- Breakout (buy stop): 0.8679
- Strong resistance (sell limit): 0.8649
- Current pivot: 0.8597
- Strong support (buy limit): 0.8544
- Breakout (sell stop): 0.8519
- Projected low: 0.8469
