Technical analysis for NZDUSD on 13.09.13

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Technical analysisThe NZD/USD rise was stopped at 0.8150.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈120 pips

Max. 0.8300

Min. 0.7930

NZDUSD technical analysis on 13.09.13

Breaking down the ascending channel will be an additional signal of upcoming pullback down. First the pair should break and consolidate below the support level of 0.8100. Before breaking this level, the pair can rebound back up to the resistance level of 0.8150. Breaking up this level will open the way up to 0.8200.

Alternative forecast

NZDUSD technical analysis on 13.09.13

Should the pair consolidate below the support level of 0.8100, this will open the way down to the next level at 0.8060. Breaching below 0.8060 will let the traders sell short at 0.8000.

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.