- The NZD/USD pair is expected to continue falling straight from the level of 0.6562 in the H4 chart. It is probably going to form a double bottom at the level of 0.6498. Therefore, the kiwi is showing signs of strength following the break of the lowest level of 0.6490. So, it will be a good sign to sell in the short term below the level of 00% of Fibonacci retracement in the H4 chart (0.6490) with the first target at 0.8680 and further 0.6452 in order to form a new double bottom. It should also be noted that the level of 0.6452 will act as strong support, so it is going to be a good place to take profi. Also, it should be noticed that this level will coincide with the weekly double bottom. Moreover, in case reversal takes place and NZD/USD breaks through the support level of 0.6452, the market will decline to .6405 to indicate its bearish mode.
Notes about the NZD/USD pair on JUly 17, 2015:
- We expect a daily range between the levels of 0.6550 and 0.6474.
- Support sets at 0.6442.
- Resistance will set at 0.6550.
The material has been provided by InstaForex Company – www.instaforex.com