NZD/USD Forecast August 27, 2012, Technical Analysis

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NZD/USD fell during the Friday session but bounced late in the day in order to form a hammer at the 0.81 handle. This looks fairly bullish, but it should be noted that there is a lot of noise above as well. In other words, we feel that although this pair should rise over time, there will be a lot of noise to overcome in order to continue to gain in value.

Looking at this market right now, we see potential for short-term trades, but nothing in the order of a longer-term trade until we get above the 0.83 level. There is very little downside risk at this point in time, at least technically. We would need to see the 0.78 level broken through the downside in order to start shorting.

NZD/USD Forecast August 27, 2012, Technical Analysis

NZD/USD Forecast August 27, 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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