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    Technical analysis of NZD/USD for October 15, 2015

    NZDUSDDaily.png

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    Overview:

    • The NZD/USD pair will continue moving straight from the price of 0.6770 (38.2% of Fibonacci retracement levels) on the daily chart. It has already formed a double bottom at the level of 0.6770; therefore, the kiwi is showing signs of strenght following the break of the highest levels of 0.6770 and 0.6825. So, it will be a good sign to buy above the level of 0.6825 with the first target of 0.6950 in order to retest the weekly resistance 1. If the trend breaks this strong resistance at the level of 0.6950, the pair will go further to 0.6983. The price of 0.6983 will act as strong resistance, it is going to be a good place to take profit this week. This level of taking profit will coincide with the last bullish wave. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.6812, the market will lead to further decline to 0.6766 in order to indicate its bearish market in coming days.

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