|NZD/USD : Exit of its medium term bullish channel|
The pair NZD/USD got out yesterday of its medium term bullish channel (purple lines) by opening the week on a bearish gap which is still not fill in. These elements put in danger the bullish trend. The price also broke the support at 0.8079 and is currently testing a pullback on this level.
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
|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|