FX.co ★ Technical analysis of NZD/USD for September 16, 2014

Overview:

• The NZD/USD pair has been showing a downward trend. Additionally, the price is still being trapped between 0.8237 and 0.8080 (weekly range). So, it makes sense to be neutral at this spot. Equally important, the support has set at the level of 0.8080 and a minor support has set at 0.8170 yesterday. As it is known, sellers are asking at a higher price. Accordingly, the price of the NZD/USD pair will give a good sign to sell below 0.8170 with the target of 0.8115. Also, if the trend will be able to break the 0.8115 price, hence, it might resume to 0.8080. However, if the trend fails to close below the strong support (0.88080), then the market will indicate a bullish opportunity above 0.8080. Thereupon, the level of 0.8080 is going to act as strong support. Therefore, it will a good sign to buy above this level on September 16, 2014. But the stop loss should be placed below 0.8080 at the price of 0.8035.

Intraday trading recommendations:

• According to the previous events, the price of NZD/USD pair has still been trapped between 0.8170 and 0.8080 .
• Buy above the price of 0.8080 with the first target of 0.8144, it might resume to 0.8237.
• Swing trade at the level of 0.8240 in order to sell with a target of 0.8155 then it will continue towards 0.8115, if could break the minor support (0.8115) then the market is going towards 0.8080.