Updated the:
NZD/USD : Test of the major resistance at 0.80
Sentiment :
A new bearish wave occured on the pair NZD/USD, allowing the breakout of the major resistance at 0.80 (new buy signal). Since several day, the New Zeland Dollar is shaping an accumulation zone between 0.80 and 0.8060 as shown on the 1h chart.

In case of exit by the top, a new bullish wave is expected and should allow the breakout of the resistance at 0.8108 before a pullback on this level. Then, we expect a full retracement of the last bullish movement with a final objective at 0.8235 (level 100%).

However, if 0.80 is broken, a pullback on 0.7938 (level 61.80%) should occur. We will stay bullish as far as this level is support. If 0.7938 is broken, we will be neutral between this level and 0.7846 (level 50%).

Analysis published by Bruno, the 07/06/2012 at 09h00 GMT+2

Complete sheet of the pair NZD/USD - Previous NZD/USD Analysis

Chart of the pair NZD/USD - Timeframe 4H - Zoom in :


Chart of the pair NZD/USD - Timeframe 1H


NZD/USD Live Chart - Timeframe : 4h