Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8165. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8165. This fact can be considered as a good signal for BUY deals above this strong support (0.8165) with the first targets at 0.8230 (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 (0.8287). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8287, the market will show a further decline to the level of 0.8165 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8103.
Weekly Pivot Points:
R3: 0.8344
R2: 0.8287
R1: 0.8222
PP: 0.8165
S1: 0.8100
S2: 0.8043
S3: 0.7978
If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via NZD/USD: (Bearish Market: 0.8233) Technical Analysis for October 26, 2012 . Thanks for your support on NZD/USD: (Bearish Market: 0.8233) Technical Analysis for October 26, 2012
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