NZD USD draws negative pattern 08/05/2013

The pair confirmed breaking below 0.8455 achieving the bearish pattern’s targets that appear in our last report, reaching another key horizontal support that represents a neckline for a bigger double top pattern at 0.8360, where this pattern has targets reach towards 0.8040

Therefore, we must stay aside now in order to be certain from the price behavior according to the mentioned neckline and the resistance level 0.8425, where surpassing one of these levels will provide the keys of the next trend on the intraday and short term basis.

Expected trading range for today is between: 0.8260 support and 0.8550 resistance.

Expected trend for today: Neutral