FX.co ★ NZD/USD technical analysis for July 5, 2013

NZD/USD:

Resistance: 0.7913 (sell below this level).

Support: 0.7700 (buy above this level for retesting this level for a short period).

Trend: downward (the trend still calls for a bearish market).

Range: 100 pips. A risk to reward ratio of 1:1.5 is recammended Risk of 50 pips must make a profit of 75.

Trading recommendations:

• According to the previous events, the price is still between the levels of 0.7800 and 0.7850.
• The descending movement will probably be lower than the 0.7910 level with the first targets at 0.7853 and 0.7715.
• Buy deals are recommended above 0.7700 with targets at 0.7813 and 0.7867.