Today's Support and Resistance Levels:
S1: 0.8090 R1: 0.8100
S2: 0.8068 R2: 0.8120
S3: 0.8044 R3: 0.8150
Technical Overview:
The last part of wave i down from 0.8223 has turned into diagonal ending which should result in a quick return towards the 0.8160 - 0.8165 once we break above 0.8111. However, after a correction towards 0.8165 in wave ii, we should see the more powerful and dynamic wave iii down towards at least 0.7950.
Remember, in the larger picture we are now in wave E of a possible triangle and the first target for this E-wave is in the 0.7750 - 0.7840 area.
Trading Recommendation:
You should be short from 0.8155 and we will recommend you to take profit here at 0.8095 for a nice 60 pips profit. Re-sell NZD against USD at 0.8160 with a 0.8225 stop.
