|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
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.
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.
|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|