NZDUSD: Intraday Technical Analysis for September 11, 2012

NZDUSD: Intraday Technical Analysis for September 11, 2012

Weekly Pivot Point:

R3: 0.8404

R2: 0.8265

R1: 0.8193

PP: 0.8054

S1: 0.7982

S2: 0.7843

S3: 0.7771

Overview:

The NZDUSD pair is expected to continue the movement from the point of 0.7964 (23.6% of Fibonacci retracement level on the H1 chart and the weekly support 1 at 0.7982). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7964. This fact can be considered as a good signal for BUY deals above 23.6% point of Fibonacci retracement level on the H1 chart or at the level (0.7964) with the first targets at 0.8054 and 0.8193 (it will serve as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide with the weekly resistance 2 (0.8193). However, in case of the reverse movement and if the NZDUSD pair fails to break through the resistance level of 0.8193, the market will show a further decline to the 0.8054 level indicating a bearish mood in order to retest the weekly pivot point at this level.

Source: InstaForex