Technical analysis of NZD/USD for December 24, 2013
December 24, 2013 6:30 am
Overview:
The NZD/USD pair has formed a support at the level of 0.8100 and the area of 0.8084 probably is going to compose a double bottom, hence the price of 0.8100 will form the last bearish wave and will act as a strong support on December 24, 2013. So it will be a good sign to buy above the level of 0.8084 (00% of Fibonacci retracement levels in the 4H chart) with the first target of 0.8250 and further to 0.8333. The level of 0.8370 will act as a strong resistance today for that it will be a good place to take profit below the 0.8370 level.
On the other hand, in case of reversal takes place and the NZD/USD breaks through the support at the price of 0.8100 then the market will lead to further decline towards the 0.8025 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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