Technical outlook and chart setups:
The NZD/USD pair has entered into a pullback mode after it made lows at the 0.7700 levels on September 29, 2014. The pair seems to be on its way higher towards the 0.8230/40 and 0.8400/50 levels before resuming the larger down swing extension. Support is seen at the 0.7800 level, followed by 0.7700, while resistance is seen at 0.8140, followed by 0.8270 and higher respectively. It is recommended to initiate long positions at the current price 0.7940/50, risk remains just below the 0.7800 levels. Bulls should remain in control till prices stay above 0.7800 for now.
Trading recommendations:
Remain long, stop below 0.7800, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
