NZD/USD: Intraday Technical Analysis for July 3, 2012

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• Strong Resistance : 0.8091.
• Strong Support: 0.7965.

Trading Recommendations: According to previous events the price is expected to remain between the 0.7755 and 0.8050 levels.

• Buy-deals are recommended above 0.7965 with the first target seen at 0.7813. The movement is likely to resume to the point 0.7920 and further to the point 0.8085.
  
• The decending movement is likely to begin from the level 0.809 (- Spread) with 0.8015 and 0.7970 seen as targets.
  

Overview: The NZD/USD pair is expected to continue the movement from the point 0.7973 (61.8% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7973. This fact can be considered as a good signal for BUY-deals above the point 61.8% of Fibonacci retracement levels on the H1 chart with the first targets 0.7813 and 0.809 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide between 100% of Fibonacci (0.8048) and 161.8.

However, in case of the reverse movement and if the NZD/USD pair fails through the resistance level 0.8091 the market will further decline to the 0.797 level, indicating a bearish mood.

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Performed by Analytical expert: Mourad El Keddani
InstaForex Group © 2007-2013

 Published: 2012-07-03 05:27:28 UTC+00 10 months, 2 weeks, 6 days, 14 hours, 24 min. ago

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