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16.12.201414:37 Forex Analysis & Reviews: Technical analysis of NZD/USD for December 16, 2014

Long-term review

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Overview:

The NZD/USD pair has broken a major resistance at 0.7792 for that the level of 0.7792 became support, and it will continue to act as strong support on December 16, 2014. Also, it should be noted that the daily pivot point is calculated at 0.7810, and it is now approaching to test it, therefore, it will probably start an upward movement at this area and recover again. So the market will indicate a bullish opportunity at the levels of 0.7792 or 0.7810. Thus, it will be a good sign to buy at this area with the first target at 0.7835 (61.8% of Fibonacci retracement levels), and continue towards 0.7870. On the other hand, if there is a break at 0.7782, it will be a good sign to set the stop loss for that the best location for placing it should be at the level of 0.7760.

Trading recommendations:

According to the previous events, the price of NZD/USD is going to move between 0.7790 and 0.7860.
Buy above the level of 0.7790 with the first target of 0.7830, it might resume to 0.7860.

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