Technical analysis for NZDUSD on 27.08.13

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Technical analysisThe NZD/USD is trading in a large rectangle, which is 90 points high.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈105 pips

Max. 0.7950

Min. 0.7650

NZDUSD technical analysis on 27.08.13

Yesterday’s move to the support level of 0.7770 went amid a bounce up to the resistance level of 0.7860. However, even due to fundamental data, the level pushed the price back down. The closest target is set at the support level of 0.7770. Should the pair break it down today, this will give a possibility for selling short at 0.7700.

Alternative forecast

NZDUSD technical analysis on 27.08.13

As we can see from the market history, the way to the support level of 0.7770 may go amid a bounce up. In this case, the price will return to the resistance level of 0.7860. Should the pair break above 0.7860, the next target will be set at 0.7900 and 0.7930.

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I am a forex analyst, trader and writer. I have had a careeer writing articles for websites and journals, starting in the travel sector and then in Forex.I use a combination of techncial and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. Every day I provide market tips, analysis and articles to clients of Forex4you which you can find on this blog: good luck and happy trading!