FX.co ★ NZD/USD: technical analysis for October 31, 2013

NZD/USD:

Trading recommendations:

• According to the previous events, the price is still between the levels of 0.8288 and 0.8377. The descending movement will probably be lower than the 0.8340 level with the first target at 0.8255 and 0.8225, then the trend will form a double bottom at the price of 0.8194 (Daily chart). Buy deals are recommended above 0.82 with targets at 0.8263 and 0.8335 for the next week in the long term. it should be noted that the resistance level is at 0.8340 (so, sell below this level), as well as the support is at 0.82 (therefore, buy above this level after retesting this level for a long period).

Notes:

• A double bottom will set at the level of 0.8194 (short term).
• A double top will set at the level of 0.8340 (long term).
• The trend: downward (the trend still calls for a bearish market on October 31, 2013).
• Range: 98 pips.

Intraday technical levels:

Date & Time: 31/10/2013 23:40

Pair: NZD/USD

• Projected High: 0.8446
• Breakout (Buy Stop): 0.8391
• Strong Resistance (Sell Limit): 0.8361
• Current Pivot: 0.8262
• Strong Support (Buy Limit): 0,.8163
• Breakout (Sell Stop): 0.8138
• Projected Low: 0.8088