Technical analysis of NZD/USD for January 29, 2014

Overview:

• The NZD/USD pair movement will be continued directly from the resistance at the level of 0.8390 in H1 chart (127.2% of Fibonacci retracement levels). therefore, the price of the NZD/USD pair is showing signs of weakness, following the break of the lowest level of 0.8350, hence it will be a good sign to sell below the level of 0.8350 in H1 chart (in the short term) with the first target of 0.8257 in order to test the pivot point and further to 0.8212 to form double bottom, then this price will act as a strong suport 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 00% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor resistance level of 0.8317, the market will lead to increase further to 0.8375 for indicating bullish market.

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