Strong Support: 0.7933.
Strong Resistance: 0.83.
Trading Recommendations:
According to the previous events the price is expected to remain between 0.8 and 0.83 levels.
- Buy-deals are recommended above 0.7933 with the first target seen at 0.82. The movement is likely to resume to the point 0.8255 and further to the point 0.83.
- The decending movement is likely to begin from the level 0.83 with 0.82 and 0.812 seen as targets.
Overview:
The NZD/USD pair is expected to continue the movement from the point 0.7933 (38.2% of Fibonacci retracement levels on the H4 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7933. This fact can be considered as a good signal for BUY-deals above the point 38.2 of Fibonacci retracement levels on the H4 chart with the first targets 0.82 and 0.830 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 61.8% of Fibonacci (0.8282). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.83, the market will further decline to the 0.7933 level, indicating a bearish mood.
