NZD/USD: Technical analysis for May 7, 2013

NZD/USD:

Resistance: 0.8550 (sell below this level).
Support: 0.8420 (buy above this level for retesting this level for a short period).

Trend: upward on the frame time of H1 - H4 (the trend still calls for a bullish market).

Range: 67 pips (daily).

Trading recommendations:

According to the previous events, the price is still between the levels of 0.8433 and 0.8500. The descending movement will probably be lower than the 0.8550 level with the first targets at 0.8480 and 0.8430. Buy deals are recommended above 0.8420 with targets at 0.8500 and 0.8545.

Intraday Technical Levels:

Projected High: 0.8674

Breakout (Buy Stop): 0.8619

Strong Resistance (Sell Limit): 0.8589

Current Pivot: 0.8489

Strong Support (Buy Limit): 0.8388

Breakout (Sell Stop): 0.8363

Projected Low: 0.8313

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