FX.co ★ NZD/USD: Technical analysis for April 9, 2013

Overview:

The NZD/USD pair continues its movement straight from 0.8400 (on the H4 chart 61.8% of Fibonacci retracement levels, as well it probably is going to retest it again). Therefore, the Kiwi has shown signs of strength following the break of the highest level of 0.8400, so it will be a good sign to buy above the level of 61.8% of Fibonacci retracement levels on the H4 chart (strong support) with the first target of 0.8480 and further to 0.8525/0.8530 (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 with 100% of Fibonacci). However, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8400, the market will lead to further decline to 0.8355, in order to indicate a bearish market. It should be noted that it is possible that the price will be trapped between 0.8460 and 0.8455 this week.
The range for yesterday was only 100 pips, hence the market indicates the lower volatility (volatility: 85.45).

Double top is at 0.8532. Then sellers are going to ask for a high price.

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