FX.co ★ NZD/USD: Intraday Technical Analysis for August 9, 2012

Weekly Pivot Point:

R3: 0,8364
R2: 0,8281
R1: 0,8234
PP: 0,8151
S1: 0,8104
S2: 0,8021
S3: 0,7974

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8150 (61.8% of Fibonacci retracement level on the H1 chart and the weekly pivot point). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8150. This fact can be considered as a good signal for BUY deals above the point 61.8% of Fibonacci retracement level on the H1 chart or at the level (0.8150) with the first targets 0.8203 and 0.8277 (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 at 161.8% of Fibonacci retracement (0.8277). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8300, the market will show a further decline to the 0.8300 level indicating a bearish mood in order to retest the weekly pivot point at 0.8150.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.