R3: 0,8300
R2: 0,8242
R1: 0,8177
PP: 0,8119
S1: 0,8054
S2: 0,7996
S3: 0,7931
The NZD/USD pair is expected to continue the movement from the point of 0.8052 (11% of Fibonacci retracement level on the H1 chart and the weekly pivot point at 0.8119). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8058. This fact can be considered as a good signal for BUY deals above 00% point of Fibonacci retracement level on the H1 chart or at the level (0.8036) with the first targets at 0.8093 and 0.8180 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 100% of Fibonacci retracement (0.8131). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8185, the market will show a further decline to the 0.8119 level indicating a bearish mood in order to retest the weekly pivot point at this level.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.