FX.co ★ NZD/USD: technical analysis for October 22, 2013

NZD/USD:

Trading recommendations:

• According to the previous events, the price is still between the levels of 0.8435 and 0.8488.
• The descending movement will probably be lower than the 0.8560 level with the first target at 0.8450 and 0.8380, then the trend will form a double bottom at the price of 0.8300 (Daily chart).
• Buy deals are recommended above 0.8300 with targets at 0.8345 and 0.86 for next week for long term.
• Resistance: 0.8550 (sell below this level).
• Support: 0.83 (buy above this level for retesting this level for a long period).
• Double bottom will set at the level of 0.83 (short term).
• Double top will set at the level of 0.8675 (long term).
• Trend: upward (the trend still calls for a bullish market on October 22 - 25, 2013).
• Range: 221 pips (weekly).