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Technical analysis of NZD/USD for August 12, 2015

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Overview:

  • The NZD/USD pair on August 12, 2015.
  • The resistance of the NZD/USD pair has already set at the level of 0.6735. Moreover, double top has been also placed at the same price of 0.6735. Consequently, the descending movement will probably be lower than the 0.6735/0.6730 level with the targets at 0.6603 and 0.6467 in order to test the double bottom on the H4 chart. On the contrary, the support has been already set at 0.6467. Furthermore, it should be noted that it will be very profitable to buy above this level for retesting this price in a short period. Therefore, buy deals are recommended above the 0.6467 level with targets at 0.6633 (23.6% of Fibonacci retracement) and 0.6660 to reach the minor resistance. Even so, you have to set your stop loss. The best location for placing it should be at the 0.6467 level which represents the double bottom on the H4 charts.
  • The resistance of the NZD/USD pair has already set at the level of 0.6735. Moreover, double top has been also placed at the same price of 0.6735. Consequently, the descending movement will probably be lower than the 0.6735/0.6730 level with the targets at 0.6603 and 0.6467 in order to test the double bottom on the H4 chart. On the contrary, the support has been already set at 0.6467. Furthermore, it should be noted that it will be very profitable to buy above this level for retesting this price in a short period. Therefore, buy deals are recommended above the 0.6467 level with targets at 0.6633 (23.6% of Fibonacci retracement) and 0.6660 to reach the minor resistance. Even so, you have to set your stop loss. The best location for placing it should be at the 0.6467 level which represents the double bottom on the H4 charts.


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