FX.co ★ Technical analysis of NZD/USD for May 1, 2014

Trading recommendations:

• According to the previous events, the NZD/USD pair has still been moving between 0.8630 and 0.8603.
• Sell at 0.8660 (the weekly resistance 2) with the first target at the 0.8630 price, then it will call for downtrend in order to continue its bearish movement towards 0.8590 in order to test this strong support (it should be noted that the price of 0.8590 had already formed the weekly pivot point last week).
• At the same time, the stop loss should be placed at the level of 0.8680.
• Buy above the price of 0.8570 (if the trend fails to close below it) with a target at 0.8650. It should also be noticed that the price of 0.8650 is representing the double top in H1 chart.

Intraday technical levels:

Date: 1/05/2014

Pair: NZD/USD

• R3: 0.8726
• R2: 0.8677
• R1: 0.8645
• PP: 0.8596
• S1: 0.8564
• S2: 0.8515
• S3: 0.8483