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NZD/USD : Correction or trend reversal?
Sentiment :
The psychological level at 80 has again led to a new bearish wave on the pair NZD/USD who is moving since the beginning of the week into a bearish channel in h1 (purple lines).

The pair just broke its last low and the support at 0.7938 (level 61.80% of fibonacci retracement in h4). We are neutral between this level and the level 50% at 0.7846. 0.7846 allowed several times the pair to rebound and its breakout will give a sell signal. We could then target a return on 0.7754.

In case of return above 0.7938, we will advise again long positions for a new test of the resistance at 0.8050. The breakout of this level will open the way for a new bullish wave of the New Zeland Dollar against the US Dollar.

Analysis published by Bruno, the 07/12/2012 at 09h00 GMT+2

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

Chart of the pair NZD/USD - Timeframe 4H


Chart of the pair NZD/USD - Timeframe 1H


NZD/USD Live Chart - Timeframe : 4h