Overview:
- The NZD/USD pair is going to continue rising from the support level at 0.7335 in the short term. It should be noted that 00% of Fibonacci retracement levels and the point of 0.7281 are representing a double bottom in the H4 chart. Accordingly, the trend is showing signs of strength following the break of the highest level of 0.7335. So, it will be a good sign to buy above the level of 0.7335 with the first target at 0.7389 and to 0.7456 further. The level of 0.7456 will act as strong resistance. It is going to be a good place to take profit. Also, the level of taking profit will coincide with 23.6% of Fibonacci retracement levels and 38.2% respectively. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7330, the market will be led to a further decline to 0.7281.
Intraday technical levels:
Date: 22/05/2015
Pair: NZD/USD
- R3: 0.7431
- R2: 0.7392
- R1: 0.7370
- PP: 0.7331
- S1: 0.7309
- S2: 0.7270
- S3: 0.7248
