FX.co ★ NZD/USD technical analysis (triple bottom) for March 13, 2013

Overview:

The NZD/USD pair (kiwi dollar) will continue moving straight from 0.8192 (at H4 chart 00% of Fibonacci retracement levels, as well it is probably going to form the triple bottom). Therefore, the Kiwi is shown signs of strength following the break of the highest level of 0.8192, so it will be a good sign to buy above the level of 00% of Fibonacci retracement levels on H4 chart (triple bottom) with a first target of 0.8280 and further to 0.8325 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide at 38.2% of Fibonacci). However, in case of reversal takes place and the NZD/USD breaks through the support level of 0.8170 then the market will lead to further decline to 0.8080, in order to indicate a bearish market for next week.

Note:

• Strong resistance: 0.8325.
• At 0.8192 will be formed the triple bottom.
• History will probably repeat itself at this level again.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.