Technical analysis of NZD/USD for February 17, 2015
February 17, 2015 12:50 pm
Overview:
The NZD/USD pair will continue straight from the level of 0.7505. On the H4 chart, the level of 0.7441 is coinciding with the 32.8% of Fibonacci retracement levels, for that this price is probably going to form a double bottom. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.7523 (50% of Fibonacci retracement levels). What is more, it should be noted that the persistence above the ratio of 50% Fibonacci is confirming a bullish market. So, it will be a good sign to buy above the level of 0.7505 with a first target of 0.7553 and further of 0.7602 (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 61.8% of Fibonacci). However, in case if a reversal takes place and the NZD/USD pair breaks through the support level of 0.7505, the market will lead to further decline towards the level of 0.7441, in order to indicate a bearish market in coming time.
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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