FX.co ★ NZD/USD technical analysis for April 16, 2013

Forecast:

NZD/USD: According to the previous events, the price is still between the levels of 0.8450 and 0.8485. The descending movement will probably be lower than 0.8885 (on the ratio 61.8% of Fibonacci retracement levels) with the first targets at 0.8500 and 0.8433. Buy deals are recommended above 0.8380 with targets at 0.8480 and 0.8550.

Notes:

• Trend: Upward (the trend still calls for a bullish market).
• Range: 165 pips (weekly).
• Resistance: 0.8550 (sell below this level).
• Support: 0.8380 (buy above this level for retesting this level for a short period).

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