Technical Analysis for NZD
We remained neutral in yesterday’s report due to stability below key resistance level of the downside move, in addition to some positive signals on the pair. Today, the pair reached levels were we can bet on an upside move especially that its trading close to key support level of bearish move where it’s clear through crossed support and resistance levels. Therefore, risk/reward ratios is appropriate now as stability above 0.8155 levels keeps the possibility of an upside rebound valid today.
The trading range for today might be among key support at 0.8040 and key resistance at 0.8275.
The general short-term trend is expected to the upside with daily closing above 0.8130 targeting 0.8845.
Support: 0.8155, 0.8135, 0.8100, 0.8080, 0.8040
Resistance: 0.8200, 0.8225, 0.8260, 0.8310, 0.8355
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8160 targeting 0.8225, 0.8260 then 0.8310 and stop-loss with four-hour closing below 0.8135 might be appropriate