FX.co ★ Technical analysis for NZD/USD for January 31, 2014.

Technical outlook and chart setups:

1. The NZD/USD pair seems to be heading towards 0.8000 levels at the moment, in a corrective manner. It is recommended to initiate short positions now (0.8130), risk remains at 0.8250 at least.

2. Immediate resistance is at 0.8430, followed by 0.8540 (intermediary), and 0.8600/50, while supports are spread through 0.8080 (intermediary), followed by 0.7700/50 respectively.

3. The structure reveals that bears are targeting 0.8000 levels for now. Please also note that 0.8000 is re-enforced by the fibonacci 0.618 support as well.

Trading recommendations:

Short now, stop at 0.8250, target 0.8000.

Good luck!