NZD/USD Technical Analysis for May 31, 2012
- Strong Support: 0.7480 / 0.7530.
- Strong Resistance: 0.7810.
According to previous events the price is expected to remain between 0.77 and 0.7930 levels.
- Buy-deals are recommended above 0.7480 / 0.7535 with the first target seen at 0.7625. The movement is likely to resume to the point 0.7675 and further to the point 0.78.
- The decending movement is likely to begin from the level 0.7810 with 0.76 and 0.7535 seen as targets.
The NZD/USD pair is expected to continue the movement from the point 0.74801 (11% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7933. This fact can be considered as a good signal for BUY-deals above the point 11% of Fibonacci retracement levels on the H4 chart with the first targets 0.76 and 0.78 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 161.8% of Fibonacci (0.7810). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.7810, the market will further decline to the 0.754 level, indicating a bearish mood.
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