Weekly Pivot Point:
R3: 0,8220
R2: 0,8175
R1: 0,8125
PP: 0,8080
S1: 0,8030
S2: 0,7985
S3: 0,7935
Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8058 (23.6% of Fibonacci retracement level on the H1 chart and the weekly pivot point). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8058. This fact can be considered as a good signal for BUY deals above the point 23.6% of Fibonacci retracement level on the H1 chart or at the level (0.8058) with the first targets 0.8110 and 0.8130 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide at 100% of Fibonacci retracement (0.8131). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8130, the market will show a further decline to the 0.8080 level indicating a bearish mood in order to retest the weekly pivot point at 0.8040.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
