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Technical analysis of NZD/USD for February 4, 2015

nzdusdh4.png

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Overview:
  • The NZD/USD pair will continue falling straight from the level of 0.7266 on the H4 chart. It is probably going to form a double bottom at the level of 0.7172. Therefore, the NZD/USD pair is showing signs of strenght following the break of the highest level of 0.7461. So, the market is going to move between the levels of 0.7433 and 0.7270. It will be a good sign to buy in the short term above the level of 23.6% of Fibonacci retracement levels on the H4 chart (0.7350) with the first target of 0.8680 in order to retest the daily pivot point and further 0.7400 and continue towards the level of 0.7461 (the price of 0.7461 will act as strong resistance, so it is going to be a good place to take profit). Also, it should be noted that this level of taking profit will coincide at 38.2% of Fibonacci. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.7350, the market will further decline to 0.7262, in order to indicate the bearish market today.
Intraday technical levels:
Date: 4/02/2015
Pair: NZD/USD
  • R3: 0.7792
  • R2: 0.7633
  • R1: 0.7495
  • PP: 0.7336
  • S1: 0.7198
  • S2: 0.7039
  • S3: 0.6901

Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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