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NZD USD tests the resistance 05/03/2013
The pair closed yesterday’s trading with clear positivity and resumes this positivity today, where it is testing now the resistance levels that shown in the image between 0.8280 and 0.8290, where the last level represents a minor bearish channel resistance that might form a continuation bullish flag in case breaching it to the upside.
Therefore, we prefer staying aside now, to be certain from the price behavior according to the mentioned level, specially that Stochastic is entering the overbought levels which might add strength for this resistance and then turns the price back to resume its bearish correction on the short term basis.
Expected trading range for today is between: 0.8200 support and 0.8415 resistance.
Expected trend for today: Neutral
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