NZD/USD: Technical Analysis for November 9, 2012

The NZD/USD pair is expected to continue the movement from the point of 0.8100. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8100. This fact can be considered as a good signal for BUY deals above this strong support (0.8100 is the last support for this week) with the first targets at 0.8180 and 0.8240 (it will serve as strong resistance levels; it is considered to be appropriate for take profit orders). It is necessary to mention that this level will coincide with the weekly pivot point (0.8240). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8240, the market will show a further decline to the level of 0.8190 (it is the weekly support 1) indicating a bearish mood in order to retest the weekly support 3 at the level of 0.8087.