FX.co ★ Technical analysis of NZD/USD for April 24, 2015

Overview:

• The NZD/USD pair is likely to continue moving upwards from the level of 0.7542 (this level coincides with the 38.2% of Fibonacci retracement levels in the H1 chart). Accordingly, the pair is going to show signs of strength at the lowest price of 0.7542. It will be a good deal to buy above the level of 38.2% of Fibonacci retracement levels with the first target at 0.7580 and further at 0.7618 in order to test the double top (new project at the same time frame). We expect a new high of 0.7618 to act as strong resistance as it is going to be a good place to take profit. Briefly, if the trend succeeds to stay above 0.7542, the market will continue moving in the uptrend above the daily pivot point towards the level of 0.7618 to test the golden ratio of 61.8% Fibonacci retracement. But the stop loss should be placed below the level of 0.7525 at 0.7512. On the other hand, in case a reflection takes place and the NZD/USD pair is not able to break through the resistance at 0.7618, the market will decline to 0.7505 to indicate a bearish market today.