NZD/USD Forecast August 17, 2012, Technical Analysis

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The NZD/USD pair had a bullish session as it broke bank above the 0.81 level on Thursday. The bounce from the 0.8050 level has been completed now, and as such it looks like the Kiwi dollar is ready to begin another leg up in the bullish trend.

With several central banks around the world getting ready to enter further quantitative easing, commodity should continue to bed, and by extension so should the Kiwi dollar. In fact, all commodity currencies look relatively strong, and as such we think that the “risk on trade” is here. We are willing to buy on a break of the Thursday highs, and are aware of the fact that the 0.82 level should be resistance, but we think its minor resistance and therefore will eventually be broken. As for selling, we wouldn’t do it until we were below the 0.78 handle.

 

NZD/USD Forecast August 17, 2012, Technical Analysis

NZD/USD Forecast August 17, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com 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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