Forex - NZD/ USD Technical Analysis (New Zealand Dollar / US Dollar)

The rebound could pursuit for a fill in of the gap and also for a pullback on the lower band of the channel but we advise now to trade only short positions as far as 0.8130 is resistance.

The breakout of 0.8040 will give a new sell signal and will allow the price to test the major support at 0.80.

In case of return above 0.8130, we will put this level as a key level : to trade long positions above it and short positions below.

Analysis published by Bruno, the 08/28/2012 at 09h00 GMT+2

Updated the 08/30 - The pair NZD/USD has continued these last days its bearish movement, following the exit of its medium term bullish channel (purple lines). Our objective at 0.80 has been reached and the price is currently trying to rebound.
In h1, the movement seems to be lead by a bearish slant (black line) and the pair is going to test this line as resistance.

We continue to advise short positions as far as 0.8079 is resistance. The breakout of the major support at 0.80 will give a new sell signal and will open the way towards 0.7950 and the support at 0.7931.

In case of return above 0.8079, we will be neutral between this level and 0.81.

Updated the 05/09 - Our bearish objective has just been reached on the pair NZD/USD who is currently testing the supprot at 0.7931. The breakout of this level will give a new sell signal and will allow the price to continue its bearish trend towards the next support at 0.7878.

In h1, the price has finaly broken its bearish slant (black line) but the pair is still moving along this one.

A pullback stay possible on 0.80 as far as 0.7930 is support. We continue to advise short positions as far as 0.80 is resistance. In case of return above this level, we will be neutral between this level and 0.8040.