Technical analysis of NZD/USD for February 4, 2014

Trading recommendations:

• The NZD/USD pair is in the short term.
• It should be noted that the market will turn to bearish sentiment from the level of 0.8140. Therefore, it will a good sign to sell below 0.8140 with the first target of 0.8061 to form double bottom. It will call for downtrend in order to continue its bearish movement towards 0.8003. Notwithstanding, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 0.8200 at the price of 0.8225.

Intraday technical levels:

• R3: 0,8178
• R2: 0,8157
• R1: 0,8121
• PP: 0,8100
• S1: 0,8064
• S2: 0,8043
• S3: 0,8007

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