NZD/USD: Intraday Technical Analysis for August 1, 2012
- Strong Resistance: 0.8198. Take profit at this level (Bought already since July 24, 2012).
- Strong Support: 0.8060.
The NZD/USD pair is expected to continue the movement from the point of 0.8060 (88% of Fibonacci retracement level on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8060. This fact can be considered as a good signal for BUY deals above the point 88% & 100% of Fibonacci retracement level on the H1 chart or at the level (0.8068) with the first targets 0.8145 and 0.82 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide between 161.8% of Fibonacci retracement (0.8288) and 100% of Fibonacci retracement (0.81041) However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8198, the market will show a further decline to the 0.8105 level indicating a bearish mood in order to retest the weekly pivot point 1 at 0.8003.
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