NZD/USD : New exit of the bullish channel?
--- Follow up analysis ---
The pair NZD/USD has failed to pursuit its bullish movement above the resistance at 83 and a new correction occured. This time, the price got out of its medium term bullish channel (purple lines) and is moving between the support at 0.8177 and 0.8246.
We advise to wait an exit of this range to take positions :
- Long in case of return above 0.8246. A new test of the resistance at 0.83 will be then expected.
- Short if 0.8177 is broken. The first objective will be set at 0.81 and 0.8086 in extension
Traders with a most agressive strategy could enter short now (exit the channel validated). The position could be kept as far as 0.8250 is resistance.
Analysis published by Bruno, the 09/25/2012 at 09h00 GMT+2
Chart of the pair NZD/USD - Timeframe 4H
Chart of the pair NZD/USD - Timeframe 1H
|NZD/USD Live Chart - Timeframe : 4h|