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Technical analysis of NZD/USD for Aug 18, 2014


Technical outlook and chart setups:


1. The NZD/USD pair has been drifting sideways in a tight range after printing lows around the 0.8410 levels last week. The range of support is 0.8460/70, while resistance is around 0.8490/0.8500. The pair could drift lower towards the 0.8450 levels before pushing higher through the 0.8530 levels.


2. Support is seen at 0.8460/50 levels (interim), followed by 0.8400, and lower while resistance is at 0.8530, followed by 0.8650/0.8700 and higher respectively.


3. The structure indicates that NZD/USD could resume its 3 step counter trend rally any moment now. Buying on dips is favored.


Trading recommendations:


Initiate long positions around 0.8450 levels, risk below 0.8400, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com