# Support Areas on NZD/USD (October 22, 2013)

Source: https://www.tradersway.com/resources/market-info/support-areas-on-nzd-usd-october-22-2013/
Language: en
Updated: 2013-10-22

NZD/USD seems to need more buying power before sustaining its recent rallies, and a quick retracement might be in the cards.



The Fibonacci retracement tool on its 1-hour time frame shows that the 38.2% Fib is in line with the previous highs around the .8400 handle while the 61.8% Fib is in line with a former resistance area around .8350. A pullback to these levels could result to a continuation of the pair’s uptrend.



Stochastic is still pointing down, which means that Kiwi bears could push the pair a bit lower. A turn from the oversold region could mean that the rally is underway.



![Support Areas on NZD/USD (October 22, 2013)]



Going long at .8350 with a stop below .8300 and a target of the previous highs around .8500 would be a good return on risk for a day trade.



*By Kate Curtis from Trader’s Way*