FX.co ★ NZD/USD: Intraday Technical Analysis for July 24, 2012

• Strong Resistance: 0.8000.
• Strong Support: 0.7860.

Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.7865 (0.7860: 00% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7960. This fact can be considered as a good signal for BUY deals above the point 00% of Fibonacci retracement levels on the H1 chart or at the level (0.7860) with the first targets 0.7929 and 0.8000 (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 61.8% of Fibonacci retracement (0.7980) and 78% of Fibonacci retracement (0.8011) However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8000, the market will show a further decline to the 0.7930 level indicating a bearish mood in order to retest the weekly support 1 at 0.7929.

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