NZD/USD Weekly Technical Report 10-14/11/2012

The positive technical conditions prevail with stability above key resistance levels of the downside correction, we might see new attempts to breach 0.8355 which might trigger  another upside move. Stochastic offers overbought signals which might cause significant fluctuation, yet trading above 0.8285 is considered positive.

The trading range for this week is among key support at 0.8135  and key resistance at 0.8535 .

The general trend over short term basis is to the upside above 0.7930 targeting 0.8400.

Support 0.8305 0.8270 0.8255 0.8230 0.8205

Resistance 0.8355 0.8385 0.8415 0.8470 0.8535

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8305 targeting 0.8355, 0.8415 and stop-loss with four-hour closing below 0.8255 might be appropriate this week