Technical analysis of NZD/USD dated 25.07.2013
As it was mentioned in the previous technical analysis of this currency pair dated 27.06.2013, according to the formed technical signs, there was the potential for changing price direction which finally the price ascends. Buyers were successful in achieving the highest price of 0.80228. As it is obvious in the picture below, Price has passed the descending trend line made of 2peak prices and with being above 5-day moving average warns about more ascending.
Stoch indicator in weekly time frame is in saturation sell area and in divergence mode with the price chart that warns about the potential of ascending during the next candles. If the price ascends more, one of the buyers’ targets and the next resistance level will be number one weekly pivot of 0.80400 and 0.81000. According to the current situation there is not any clear reason about descending of price in long term time frames. The least sign for descending of price is formation of a top price and recording of it in daily time frame.