Technical analysis of NZD/USD for December 27, 2013
December 27, 2013 6:15 am
Overview:
The NZD/USD pair has set a support at the level of 0.8103 and a resistance at the 0.8375 level on December 27, 2013. accordingly to previous events, the price has still been trapped between the value of 78.6% Fibonacci retracement levels (0.8375) and the value of 50% Fibonacci retracement levels at the 0.8103 level, so it will be of the wisdon to be neutral in this spot. Consequently, it should wait for a period while the price retest the major levels which indicate above. Then, it will probably that the market is going to start showing the signs of bullish market (can expect explosive breakout). In other words, it will be a good sign to buy above above 0.8105 with a first target of 0.8210 and price breakout and it’ll climb towards 0.8360. However, If the the pair breaks 0.8100 and closure below it, hence the market will indicate a bearish opportunity below 0.81 and the support will be become a resistance, for that it will a good sign to sell again below 0.8100 to call for a downtrend in order to continue bearish towards 0.8007 in order to form a new double bottom at this level today.
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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