FX.co ★ NZD/USD technical analysis for April 19, 2013

Overview:

The NZD/USD has not shown signs of following the break of the highest level of 0.8520 but it has opened today below the pivot point (0.8483), therefore, it will be a good sign to buy above the level of 0.8287 with a first target of 0.8340 and resume to 0.8500. However, in case of reversal takes place and the NZD/USD breaks through the support level of 0.8290, the market will lead to futher decline to 0.8213 in order to indicate the correction movement at this level.

Meanwhile, the daily chart represents a strong support at 0.8200, as well the channel emerging of RSI has still positive on the weekly frame, for that the RSI calls for a new upleg at this level.

Signal: Buy above 0.8200 with a first target at 0.8310 the it will go further towards 0.8388. A stop loss should be placed below 0.8170.