Weekly Pivot Point:
R3: 0.8273
R2: 0.8199
R1: 0.8116
PP: 0.8042
S1: 0.7959
S2: 0.7885
S3: 0.7802
Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.7853 (11% of Fibonacci retracement level on the H4 chart and the weekly pivot point at 0.8042). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7853. This fact can be considered as a good signal for BUY deals above 11% point of Fibonacci retracement level on the H4 chart or at the level (0.7853 / 0.79) with the first targets at 0.7970 and 0.8045 (it will serve 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 with the weekly pivot point (0.8042). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8042, the market will show a further decline to the 0.7900 level indicating a bearish mood in order to retest the weekly pivot point at this level.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
