FX.co ★ NZD/USD: Intraday Technical Analysis for July 17, 2012

• Strong Resistance : 0.8050.
• Strong Support: 0.7880.

Overview:
The NZD/USD pair is expected to continue the movement from the point 0.7975 (11% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7973. This fact can be considered as a good signal for BUY-deals above the point 11 of Fibonacci retracement levels on the H1 chart or at the level (0.7875) with the first targets 0.7993 and 0.8050 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide between 100% of Fibonacci (0.7997) and 161.8. However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8050, the market will show a further decline to the 0.7903 level indicating a bearish mood.

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