Overview:
- The NZD/USD pair has been moving in downtrend since the last month. So, according to the prior events, the price of the NZD/USD pair has still been moving between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7814 and 38.2% Fibonacci retracement at the 0.7709 level. Furthermore, the price opened below the ratio of 61.8% Fibonacci retracement levels (0.7770). Also, it should be noted that the resistance is set at the 0.7815 level today. Therefore, it will be a good sign to sell below the level of 0.7815 with the first target of 0.7740. It should be noticed that the minor support has already set at the price of 0.7710. However, in case of a reversal takes place and the NZD/USD pair breaks through the support level of 0.7710, the market will lead to further decline to 0.7670 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.7670 which forms the double bottom.
Intraday technical levels:
Date:22/12/2014
Pair:NZD/USD
- R3: 0.7838
- R2: 0.7817
- R1: 0.7779
- PP: 0.7758
- S1: 0.7720
- S2: 0.7699
- S3: 0.7661
