NZD/USD: technical analysis for June 25, 2013

 

Overview: 

NZD/USD movement will be continued straight from 0.7603 (on daily chart 11% of Fibonacci retracement levels). Therefore, the Kiwi is showing signs of strength, following the break of the highest level of 0.7603. So it will be a good sign to buy above the level of 11% of Fibonacci retracement levels on daily chart (in the long term) with the first target of 0.7715 and further to 0.7805 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 38.2% of Fibonacci). However, in case if a reversal takes place and NZD/USD breaks through the support level of 0.7700, the market will lead to further decline to 0.7580, indicating bearish market. According to previous events, the price will be trapped between 0.7730 and 0.7680. Hence, buy above 0.7600 with the first target of 0.7715, it might resume to 0.7780 and then to 0.7805. On the other hand, below 0.7800 look for further downside with 0.7710 and 0.7580 targets.

Date and Time: 25/06/2013, 07:09

Pair: NZD/USD 

Projected High: 0.7981 

Breakout (Buy Stop): 0.7926 

Strong Resistance (Sell Limit): 0.7896 

Current Pivot: 0.7736 

Strong Support (Buy Limit): 0.7575 

Breakout (Sell Stop): 0.7550 

Projected Low: 0.7500