Technical analysis of NZD/USD for January 20, 2015
January 20, 2015 9:30 am
Overview:
The NZD/USD pair is going to continue rising upright from the price of 0.7710. Another support has already set at the level of 0.7669 which represents the double bottom on the H1 chart. On the other hand, the resistances will set at the levels of 0.7766 and 0.7790. It should be noted that 38.2% and 50% of Fibonacci retracement levels and the levels 0.7766 and 0.7790 are conforming the same prices respectively. Accordingly, the NZD/USD pair is showing signs of strength following the break of the highest level at 0.7713. So, it will be a good sign to buy above the level of 11% of Fibonacci retracement levels on the daily chart with the first target at 0.7766 and further at 0.7790 (it will act as a strong resistance). Thus, it is going to be a good place to take profit. Moreover, it should be also noted that this level of taking profit will coincide with the double top. However, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.7710, the market will lead to further decline to 0.7657, in order to indicate a bearish market in the long-term.
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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