NZD/USD Weekly Technical Report 21-25/1/2013

Linear Regression Indicator 55 managed to halt any attempts to the downside to keep the pair stable over daily basis above 0.8355 support. Stability above the mentioned is considered positive especially that the pair is trading within an ascending channel as shown on the graph. We think that there is a new attempt to the upside as far as 0.8280 holds  this week. We need to confirm the upside move and the bullish extension with a breach of 0.8480 in the coming period. 

The trading range for this week might be among key support at 0.8280 and key resistance at 0.8675.

The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.

Support 0.8355 0.8325 0.8300 0.8280 0.8255

Resistance 0.8385 0.8410 0.8450 0.8480 0.8500

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8355 targeting 0.8410, 0.8470 then 0.8515 and stop-loss with four-hour closing below 0.8280 might be appropriate this week