Technical analysis of NZD/USD for October 29, 2014 Market Analysis Review

Overview :

• The double bottom of NZD/USD pair will set at the level of 0.7800 and supports are going to be set at the 0.7855 and 0.7895 levels. It should be noted that the price hit the weekly pivot point, resistance 1, and support 1 last week. Moreover, this week the weekly pivot point sets at the point of 0.7895; for that it will act as support in coming days. However, the resistances are already placed at 0.7991 and 0.8033. So, according to the previous events, the price of the EUR/USD pair is going to move between 0.7902 and 0.7973. Another thought, we expect a range of 208 pips this week. Additionally, the market is calling for the bullish market from the level of 0.7855 and 0.7895 (The level of 0.7895 represents the weekly pivot point). Therefore, it will be very useful to buy the price of 0.7895 in the short term with the first target at 0.7963; but if the trend is able to break the minor resistance at 0.7975, then it might resume to 0.7991. On the contrary, the double top sets at the 0.8030 price in H1 chart. Consequently, it will be a good opportunity to sell below 0.8030 with the first target at 0.7960, then it will be continued towards 0.7891.

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