FX.co ★ Candlestick analysis of NZD/USD for October 1, 2010

NZD/USD currency pair has not breached the resistance level near 0.7415.
Earlier on a daily chart, NZD/USD has formed the combination of candlesticks Breakaway, thus signaling about the downward motion. This candlestick formed near the resistance level of 0.7414, where the bulls did not manage to fixate and the bulls became active.
The breakthrough of Fibonacci correctional movement of 23.6 will confirm this viewpoint. In this case, the downside movement to the support level of 0.7159 should be expected. The breach of this mark will lead to the downtrend with the target to 0.6947. However, it can limited by Fibonacci correctional level of 50.0 near 0.7000.
It is recommended to set stop orders slightly above 0.7415 as the breakthrough of this resistance level will set new target to 0.7450 for the currency pair.