NZD/USD: Technical Analysis for June 22, 2012
According to previous events the price is expected to remain between the 0.7755 and 0.8010 levels.
The NZD/USD pair is expected to continue the movement from the point 0.7751 (23.6% of Fibonacci retracement levels on the H4 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7751. This fact can be considered as a good signal for BUY-deals above the point 23.6 of Fibonacci retracement levels on the H4 chart with the first targets 0.7815 and 0.7960 (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 with 88% of Fibonacci (0.7974). However, in case of the reverse movement and if the NZD/USD pair fails through the resistance level 0.7970 the market will further decline to the 0.7740 level, indicating a bearish mood.
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Performed by Мурад Эль Кеддани, Analytical expert
InstaForex Companies Group © 2007-2011
Mourad EL KEDDANI
Was born in Oujda, Morocco. Currently lives in Belgium. In 2003 obtained B.S. in Experimental Sciences. In 2007 obtained a graduate diploma at Institut Marocain Specialise en Informatique Applique (IMSIA), specialty - Software Engineering Analyst. In 2007-2009 worked as teacher of computer services and trainer in a professional school specializing in computer technologies and accounting. In 2005 started Forex trading. Authored articles and analytical reviews on Forex market on Forex websites and forums. Since 2008 performs Forex market research, and develops and implements his own trading strategies of Forex analysis (especially in Forex Research & Analysis, Currency Forecast, and Recommendations and Analysis).
Types of Analysis: Fundamental analysis , Technical analysis , Forecast
Experience: 6 years
Analytical Credo: Numerical analysis: Probabilities, equations and techniques of applying Fibonacci levels. And Classical analysis: Breakout strategy and trend indicators.