- The NZD/USD pair in the long term on September 1, 2015.
- The resistance is going to set at the level of 0.6447. The level of 0.6447 is coinciding with the ratio of 38.2% Fibonacci retracement levels. Consequently, the descending movement will probably be lower than the 0.6447 level with the targets at 0.6323. Furthermore, the market will lead to a further decline to 0.6250 this week in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.6246. But the weekly double bottom has been already set at the point of 0.6156, then it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 0.6156 level with targets at 0.6366. Additionally, we expect that the pair of NZD/USD will be trading between the levels of 0.6260 and 0.6444 this week.
Intraday technical levels:
- Projected high: 0.6447
- Breakout (buy stop): 0.6395
- Current pivot: 0.6342
- Breakout (sell stop): 0.6257
- Projected low: 0.6160
The material has been provided by InstaForex Company – www.instaforex.com