FX.co ★ Technical analysis of NZD/USD for April 29, 2015

Overview:

• The NZD/USD pair has been moving in uptrend since April 20, 2015. The support has already been found at the levels of 0.7623 and 0.7647. So, according to prior events, the price of NZD/USD pair will move between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7623 and 100% Fibonacci retracement at the 0.7740 level. Furthermore, the price opened above the support lines. Also, it should be noted that the resistance is set at 0.7740, which represents the double top today. Therefore, it will be a good sign to but above the level of 0.7647with the first target at 0.7712 . It should be noticed that a minor support has already set at 0.7712. Moreover, the trend will continue straightly toward the doble top at the level of 0.7740. However, in case a reversal takes place and the NZD/USD pair breaks through the resistance level at 0.7740, the market will decline from 0.7740 to 0.7640 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.7623.

Intraday technical levels:

Date: 29/04/2015

Pair: NZD/USD

• R3: 0.7891
• R2: 0.7816
• R1: 0.7766
• PP: 0.7691
• S1: 0.7641
• S2: 0.7566
• S3: 0.7516