Technical outlook and chart setups:
1. The NZD/USD pair seems to be heading towards 0.8000 levels at the moment, in a corrective manner. It is recommended to initiate short positions now (0.8130), risk remains at 0.8250 at least.
2. Immediate resistance is at 0.8430, followed by 0.8540 (intermediary), and 0.8600/50, while supports are spread through 0.8080 (intermediary), followed by 0.7700/50 respectively.
3. The structure reveals that bears are targeting 0.8000 levels for now. Please also note that 0.8000 is re-enforced by the fibonacci 0.618 support as well.
Trading recommendations:
Short now, stop at 0.8250, target 0.8000.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis for NZD/USD for January 31, 2014. . Thanks for your support on Technical analysis for NZD/USD for January 31, 2014.
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