02.04.2014 - Double top on the New Zealand dollar

The price of the New Zealand dollar after two attempts failed to overcome the resistance at 0.87 and began to decline. The price of pair has broken through the support lines at 0.8650 and 0.8630 and continued to decline. At the same time on the chart was formed the figure - "double top", which indicates a trend change. We expect further price reduction targets at with 0.8520 and 0.8450. Decline of price may slow down near 0.8600. Despite this we maintain a medium-term positive outlook for the New Zealand dollar after the correction.

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