NZD/USD Forecast for the week of August 27, 2012, Technical Analysis

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NZD/USD had a slightly bullish week over the last five sessions, but managed to form a shooting star. We are currently at the top of a massive consolidation area between 0.74 and 0.82, and as such looks like we could begin to fall back towards the bottom of the range. However, it should be noted that there are quite a few support levels on the daily chart just below where we are. Because of this, we feel that there will be easier trades to take than shorting the New Zealand dollar.

Looking forward, we would be willing to short on a break of the 0.78 level as it would open up the door to 0.74 in short order. As far as going long, we need to see the 0.84 level overtaken on at least the daily close in order to consider it.

NZD/USD Forecast for the week of August 27, 2012, Technical Analysis

NZD/USD Forecast for the week of 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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