13.06.201208:43 Forex Analysis & Reviews: NZD/USD: Technical Analysis for June 13, 2012

• Strong Resistance : 0.7908.
• Strong Support: 0.7651.

Trading Recommendations:

According to previous events the price is expected to remain between the 0.76 and 0.7930 levels.

• Buy-deals are recommended above 0.7650 with the first target seen at 0.7725. The movement is likely to resume to the point 0.783 and further to the point 0.79.
  
• The decending movement is likely to begin from the level 0.79 with 0.7775 and 0.77 seen as targets.
  

Overview:

The NZD/USD pair is expected to continue the movement from the point 0.7651 (61.8% of Fibonacci retracement levels on the H1/H4 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.76. This fact can be considered as a good signal for BUY-deals above the point 61.8% of Fibonacci retracement levels on the H4 chart with the first targets 0.783 and 0.7908 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 161.8% of Fibonacci (0.7908). However, in case of the reverse movement and if the NZD/USD pair fails through the resistance level 0.7908 the market will further decline to the 0.77 level, indicating a bearish mood.

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