NZD/USD technical analysis for October 18, 2013

Trading recommendations:

Pair: NZD/USD

Date:18/10/2013

According to the previous events, the price has still been trapped between 0.8500 and 0.8450.
Long buying:
Buy above 0.8300 with the first target of 0.8450, it might resume to 0.8540.
Short selling:
Outlook -1-: Swing trade at 0.8550 in order to sell with a traget of 0.8460.
Outlook -2-: The area below 0.8450 looks for further downside with 0.8370 and 0.8295 as targets.

Notes:

It should be noted that the market will call for bearish market from the level of 0.8550.
Range: 88 pips.
Risk of 88 pips must make a profit of 132.00 (A risk to reward ratio of 1:1.5 is recommended).

Intraday technical levels:

Resistance: 0.8585
Support: 0.8296

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

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