FX.co ★ Technical analysis of NZD/USD for February 7, 2014

Overview:

• Neither the market nor the trend was stable. The price of the NZD/USD pair has been showing a sideways trend. Additionally, the price has still been trapped between 0.8200 and 0.8293; thus, it is of the cleverness to be neutral at this spot. Equally important, the support has set at the level of 0.8203. As it is known, buyers are biding at a lower price. Accordingly, the price of the NZD/USD pair will give a good sign to buy above 0.8203 with a first target of 0.8266. Also, if the trend will be able to break the 0.8266 price, so, it might resume to 0.8340.
• However, if the trend fails to close above the resistance (0.8350), then the market will indicate a bearish opportunity below 0.8350. Thereupon, the level of 0.8350 is going to act as strong resistance, for that it will a good sign to sell below this level on Friday 7, 2014. But the stop loss should be placed above 0.8350 at the price of 0.8386.

Intraday technical levels:

• R3: 0.8359
• R2: 0.8320
• R1: 0.8283
• PP: 0.8244
• S1: 0.8207
• S2: 0.8168
• S3: 0.8131