Overview :
- The NZD/USD pair did not show any signs of following the break of the highest level of 0.8300. Furthermore, the price opened below the ratio of 61.8% Fibonacci retracement levels (0.8308). Additionally, the resistance is set at the 0.8300 level on September 9, 2014. Therefore, it will be a good sign to sell below the level of 0.8300 with the first target of 0.8245 and resume to 0.8220, but it should be noted the double bottom is going to set at the price of 0.8205. Meanwhile, the daily chart represents strong support at 0.8205, for that it will be quite profitable to set your stop loss below the price of 0.82.
- However, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.8300, the market will lead to futher rise to 0.8327 today in order to indicate a correctional movement at this level.
The material has been provided by InstaForex Company - www.instaforex.com
