Forex Investment and Currency Trading

NZD/USD – Must pierce resistance at 0.8095 in order to bring the key double top at 0.8210 back in to view.

NZD/USD reached a price target at 0.8050 this week after the formation of a double bottom at 0.7879. Although recent price action has been defined by a neutral 0.7879-0.8210 trading range, a close above initial resistance at 0.8095 would set the sights on the double top at 0.8210 that forms the top of the range. Prices must pierce 0.8210 (target 0.8294) or 0.7879 (target 0.7698) in order to generate new directional bias, a probe of the topside is in favor based on the uptrend in place. 0.8175 is establishing as a price target in this regard.