FX.co ★ Technical analysis of NZD/USD for January 13, 2015

Forecast:

• According to the previous events, the NZD/USD pair has still been moving between 0.7835 and 0.7745.
• Strong resistance will be formed at the level of 0.7864 (the double top on H1 chart) providing a clear signal for sell deals with the targets seen at 0.7791 and 0.7740.
• Stop-loss is to be placed above 0.87893.
• The strong level (support) will be formed at the mark of 0.7741 providing a clear signal for buy deals with the target seen at the 0.7835 level.
• Stop-loss is to be placed below 0.7719.

Notes:

• The level of 0.7780 is representing the daily pivot point.
• The double top will be set at the level of 0.7864.
• We expect a range of 62 pips today. But it should be noted that the risk of 42 pips must make a profit of 63 pips.
• Volatility: 162.451. Therefore, the market indicates the higher volatility.
• The value of 50% Fibonacci retracement levels is 0.7741 (for confirming for the bullish market).