FX.co ★ Weekly technical levels of NZD/USD for December 29, 2014

The weekly technical levels of NZD/USD pair.

Forecast:

• Best trade to buy the NZD/USD pair above the level of 0.7693 in the short term with the first target at the level of 0.7766. Then, it will resume towards 0.7795 as the second target. A stop loss should be placed below the strong support at 0.7658. It should be noted that the level of 0.7693 represents the weekly double bottom, and the support 1 had already set at the price of 0.7704.

Observations:

• Use historic prices to determine future prices.
• Fibonacci retracement should be used to determine an accurate psychology level of support and resistance, and playing according to it in this time frame.
  
• Fibonacci means trade in a range (it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period you will sure going to lose your profit.)
• Stop loss should never exceed your maximum exposure amounts.
• Usually, the market has a high volatile, if the last day had a higher volatility.