FX.co ★ Technical analysis of NZD/USD for September 2, 2014

Overview:

• The NZD/USD pair is going to continue its rise upright from the price of 0.8310 in the short term. Equally importantly, it should be noted that 00% of Fibonacci retracement levels as well as the level of 0.8310 represent the same price which is probably going to form a double bottom. Accordingly, the Kiwi is showing signs of strength following the break of the highest level of 0.8310. So, it will be a good sign to buy above the level of 0.8310 (00% of Fibonacci retracement levels in H4 chart) with the first target of 0.8371 and further to 0.8433 (it will act as strong resistance, for that it is going to be a good place to take profit. Also, it should be noticed that the level of taking profit will coincide with 23.6% of Fibonacci retracement levels).
  
• On the other hand, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8310, then the market will lead to further decline to 0.8266 in order to indicate for a bearish market.