NZD/USD Forecast August 22, 2012, Technical Analysis
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The NZD/USD pair had a horrible day on Tuesday as it initially surge, only to turn around and form a shooting star. The shooting star is roughly at the same spot that we saw all four other ones formed 2 1/2 weeks ago. This looks rather suspicious, and the 0.81 level is suddenly being actively worked against.
Sometimes, in technical analysis it is very difficult to understand what is going on in the marketplace. This is one of those times, and as a result it is often better to simply stay out of the market. This pair looks very confused and possibly vulnerable at this point, and it doesn’t help that the Australian dollar acted almost completely identical during the Tuesday session. What made even more confusion was the fact that the Euro took off. Normally, all three of these will work in tandem, and we saw some type of divergence on Tuesday that is still trying to be figured out. As a result, we are flat of this market and staying out of it for the next couple of sessions.
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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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