Technical analysis of NZD/USD for January 24, 2014

Overview:

• The NZD/USD pair is going to continue rise upright from the price of 0.8210. Equally importantly, it should note that 38.2% of Fibonacci retracement levels and the level 0.8215 are conforming at the same price for that this level is probably going to form triple bottom. Accordingly, the Kiwi is shown signs of strength following the break of the highest level of 0.8215, so it will be a good sign to buy above the level of 38.2% of Fibonacci retracement levels in H4 chart (the triple bottom) with a first target of 0.8303 and further to 0.8360 (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 at 78.6% of Fibonacci retracement levels). On the other hand, in case of reversal takes place and the NZD/USD pair breaks through the support level of 0.8200, then the market will lead to further decline to 0.8130, in order to indicating for a bearish market.

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