FX.co ★ Technical analysis of NZD/USD for April 23, 2014

Forecast:

• According to the previous events, The AUD/USD pair has still been moving between 0.8560 and 0.8593.
• Strong resistance will be formed at the level of 0.8613 providing a clear signal for sell deals with the target seen at 0.8530.
• Stop-loss is to be placed above 0.8630.
• Strong level (support) will be formed at the level of 0.8530 providing a clear signal for buy deals with the target seen at the 0.8600 level.
• Stop-loss is to be placed below 0.8503.

Notes:

• The level of 0.8613 is representing the weekly pivot point.
• The double top will be set at the level of 0.8593.
• We expect a range of 50 pips today. But it should be noted that the risk of 50 pips must make a profit of 75 pips.
• Volatility: 120.331. Therefore, the market indicates the higher volatility.
• The value of 50% Fibonacci retracement levels is 0.8628 (for confirming for the bullish market).