FX.co ★ 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.