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

Long-term review

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Strong Resistance : 0.7908.
Strong Support: 0.7651.

Exchange Rates 13.06.2012 analysis

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

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