NZD USD targets the support area – Analysis - 03/11/2014

The NZDUSD pair strongly broke the minor bullish channel’s support to head towards the key support 0.7720, which represents one of the next intraday and short term trend keys besides 0.7905 resistance, as we are still waiting the price to succeed breaching one of these levels to confirm the next trend.

Therefore, we will continue with our neutrality until now, reminding you that breaking the above mentioned support will lead the price to visit the next main correctional level at 0.7330, while breaching the resistance represents positive factor that supports the attempts to regain the bullish trend again, and the targets will begin at 0.8130 and extend to 0.8400.

Expected trading range for today is between: 0.7700 support and 0.7905 resistance.

Expected trend for today: Neutral