FX.co ★ NZD/USD technical analysis for July 18, 2013

Overview:

The NZD/USD pair (kiwi dollar) will continue moving straight from the level of 0.7775 (at H1 chart 23.6% of Fibonacci retracement levels), additionally it is probably going to form a double bottom. Therefore, the Kiwi is showing the signs of strength following the break of the highest level of 0.7775. Thus, it will be a good sign to buy above the level of 23.6% of Fibonacci retracement levels at H1 chart (the double bottom) with the first target of 0.7865 and further to 0.7960 (it will act as a strong resistance for that it is going to be a good place to take profit, as well as it also should be noted that this level of taking profit will coincide at 78% of Fibonacci). On the other hand, in case the reversal takes place and the NZD/USD breaks through the support level of 0.7780, so the market will lead to a further decline to 0.7690, in order to indicate a bearish market for July 18 -19, 2013.

Intraday technical levels:

Date & Time: 18/07/2013 14:28

Pair: NZD/USD

Projected High: 0.8123

Breakout (Buy Stop): 0.8068

Strong Resistance (Sell Limit): 0.8038

Current Pivot: 0.7890

Strong Support (Buy Limit): 0.7741

Breakout (Sell Stop): 0.7716

Projected Low: 0.7666