NZD/USD: technical analysis for December 17, 2013

NZD/USD:

Resistance: 0.8395 (sell below this level).
Support: 0.8103 (buy above this level for retesting this level for a short period).
Trend: sideways trend in the frame time of H4.
Range: 76 pips (daily) and 280 (weekly).
Weekly pivot point: 0.8247

Trading recommendations:

According to the previous events, the price is still around the weekly pivot point (0.8250).
The descending movement will probably be lower than the 0.84 level with the first targets at 0.8255 and 0.8166.
Buy deals are recommended above 0.81 with targets at 0.8250 and 0.8333 (78% Fibonacci retracement levels).

Intraday Technical Levels:

Projected high: 0.8400
Strong resistance (sell limit): 0.8390
Current pivot: 0.8235
Strong support (buy limit): 0.8100
Projected low: 0.8095

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

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