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15.12.2011 10:41 AM
NZD/USD: Technical Analysis and Trading Recommendations for December 15th -- 16th, 2011.

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Today's Support and Resistance levels:

R3: 139.74

R2: 139.30

R1: 139.15

Current spot: 139.14

S1: 138.72

S2: 138.56

S3: 138.38

Technical summary:

We are still looking for a rally a little higher towards the 139.74 corrective target before the next decline should be expected. That said we have to be aware of the possibility of a top being in place at any time now. To confirm that the top is in place, we need a break below 138.73 and more importantly a break below 138.56, which will call for a new impulsive decline below 138.14 towards 137.21.

Trading recommendation:

Sell EUR at 139.60 or upon a break below 138.73 with a stop at 141.25 expecting to be able to lower the stop quickly.

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