Resistance and support of the NZD/USD pair are set at 0.8410 and 0.8120, respectively. As known, Fibonacci retracement is used to determine accurate psychological levels of support and resistance but it should be noted that the period of time should be taken into account, therefore in the daily chart the price has still been trapping above 38.2% Fibonacci retracement levels and 61.8%. Thence, forecast for January 7, 2013 will be in the following form:
Buy above 0.8120 with the first target at 0.8290, it might resume to the 0.8400 level.
Below 0.8410, look for further downside move with targets at the levels of 0.8325 and 0.8180.
Stop losses should be placed above 0.8430 (for short positions) and set below 0.8100 (in case of buying at the 0.8120 level).
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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