NZD/USD Forecast August 23, 2012, Technical Analysis

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The NZD/USD pair shot straight up during the Wednesday session as the Federal Reserve looks more likely to engage in monetary easing after the Federal Reserve released its minutes from last month’s meeting. This will be good for commodities, and therefore commodity currencies such as the New Zealand dollar.

It does look like the 0.8150 level needs to be overcome in order to get bullish again, but it seems like an almost a foregone conclusion. As for selling, we wouldn’t do it until we were well below the 0.80 handle, something that looks very unlikely at this point in time.

 

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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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