empty
 
 
07.08.2012 08:09 AM
NZD/USD: Intraday Technical Analysis for August 7, 2012

This image is no longer relevant

  • Strong Resistance: 0.8277. Take profit at this level. 
  • Strong Support: 0.8150.

This image is no longer relevant

Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8150 (61.8% of Fibonacci retracement level on the H1 chart and the weekly pivot point). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8150. This fact can be considered as a good signal for BUY deals above the point 61.8% of Fibonacci retracement level on the H1 chart or at the level (0.8150) with the first targets 0.8203 and 0.8277 (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 at 161.8% of Fibonacci retracement (0.8277). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8300, the market will show a further decline to the 0.8300 level indicating a bearish mood in order to retest the weekly pivot point at 0.8150.

If you have any questions or requests, please feel free to contact me: [email protected].

Summary
Urgency
Analytic
Mourad El Keddani
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback