NZD/USD: Technical analysis (Support: 0.8370 ) for January 17, 2013 Trend News

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8370 (it will call for a strong level). Thus, the kiwi shows the signs of strength following the breakdown of the highest level 0.8370. This fact can be considered as a good signal for Buy deals above this strong support (0.8370) with the first targets at 0.8415 and 0.8450 (the level of 0.8450 will serve as a strong resistance and is considered to be appropriate for take profit orders). It should be mentioned that this level will coincide with the weekly resistance 1 (0.8452). However, in case of a reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8450, the market will further decline to the level of 0.8369 (the weekly pivot point) indicating bearish mood in order to retest the weekly support 1 at the level of 0.8280.

Range : 173 pips.

Technical analysis :

R3: 0.8625

R2: 0.8542

R1: 0.8452

PP: 0.8369

S1: 0.8279

S2: 0.8196

S3: 0.8106

If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

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