Technical analysis of NZD/USD dated 17.10.2012
NZD/USD in 14.09.2012 has been stopped by reaching to the resistance level of ascending channel and has been made Shooting Star candle pattern and finally the price goes toward supportive line channel with its downfall. Right now the price has stopped by facing the ascending trend line (the formation of the third point on ascending trend line) and has made Hammer candlestick pattern on this line which shows the failure of buyers for reaching to the lower price.
During the last week as it is obvious in daily time frame, this currency pair is in neutral range (The formation of candles with a small body) that shows Market uncertainty and indecision. Stoch indicator in daily time frame shows the possibility of ascends and increases of the price in the next candles according to the next cycle. Generally until the bottom price of 0.81069 is preserved, there is the possibility of increase and ascend of price in this currency pair.