NZD/USD Weekly Technical Report 19-23/8/2013

The pair is testing a major resistance area and pivotal level, which is the neckline for an inverted head and shoulders pattern as shown on the daily chart above. A break and stability above this level will confirm a medium term bullish move. However, we need to see at least a daily closing above it to reverse short to medium term outlook.

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches more than 80% of target before triggering entry, signal is canceled and not valid anymore.