NZD/USD Weekly Technical Report 3-7/12/2012

The rebound last week from the key resistance level shown on the chart  indicates a possible downside move this week  even if temporarily. Trading below 0.8285 keeps the negativity valid as MACD, Relative Strength Index and Linear Regression Indicators are trading negatively supporting the bearish expectations.   

The trading range for this week is expected among the key support at 0.8080 and resistance at 0.8470 .

The short term trend is to the upside targeting 0.8400 with steady daily closing above 0.7930.

Support 0.8190 0.8160 0.8135 0.8100 0.8080

Resistance 0.8230 0.8255 0.8285 0.8305 0.8355

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.8230 targeting 0.8200, 0.8160 then 0.8135 and stop-loss with four-hour closing above 0.8285 might be appropriate this week