NZD/USD Weekly Technical Report 1-5/7/2013

The NZDUSD pair rebounds with the start of the week, if we see a continuation of the ongoing bounce and a break above 0.8750 level that would confirm a short term bottom, as price will complete a double bottom pattern. RSI is showing a bullish divergence, supporting the bullish rebound scenario; however we prefer to wait for a break above 0.8750 to confirm a move higher for the week.

** 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.

*Allow for +,- 5 points margin