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NZD/USD: Technical Analysis for November 2, 2012

2012-11-02 14:39:30 (читать в оригинале)

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8140. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8140. This fact can be considered as a good signal for BUY deals above this strong support (0.8140) with the first targets at 0.8223 and 0.8330 (it will serve as a strong resistance level and is considered to be appropriate for take profit orders). It is necessary to mention that this level will coincide with the weekly resistance 2 (0.8332). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8332, the market will show a further decline to the level of 0.8190 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8140.

Weekly Pivot Points:

R3: 0.8421
R2: 0.8332
R1: 0.8279
PP: 0.8190
S1: 0.8137
S2: 0.8048
S3: 0.7995

If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

The material has been provided by Instaforex Company - instaforex.com