Weekly Pivot Point:
R3: 0.8404
R2: 0.8265
R1: 0.8193
PP: 0.8054
S1: 0.7982
S2: 0.7843
S3: 0.7771
Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8044 (61.8% of Fibonacci retracement level on the H1/H4 chart and the weekly weekly pivot point at 0.8054). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8044. This fact can be considered as a good signal for BUY deals above 61.8% point of Fibonacci retracement level on the H1 chart or at the level (0.8044) with the first targets at 0.8203 and 0.8255 (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 resistance 2 (0.8265). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8265, the market will show a further decline to the 0.8130 level indicating a bearish mood in order to retest the weekly pivot point at this level 0.8054.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
