NZD/USD Forecast August 13, 2012, Technical Analysis

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The NZD/USD pair fell for much of the session on Friday, only to bounce back and form a nice hammer just above the 0.81 level. The hammer is placed just where the bulls would want to see it, so we suggest that higher prices are to follow.

The most obvious trade would be to buy this currency pair above the 0.8150 level as we think it will rise to 0.84 after it breaks that area. However, we see a lot of noise between here and 0.84 so you must be determined to hang onto this trade in order profit. Currently we see the 0.80 level as the “floor” in this market. We are not selling this pair currently, and would need and suggested into we break below the 0.79 handle.

NZD/USD Forecast August 13, 2012, Technical Analysis

NZD/USD Forecast August 13, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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