NZD/USD Forecast for the week of July 16, 2012, Technical Analysis

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The NZD/USD pair fell most of the week, only to turn around and bounce to form a hammer. This does suggest that there is underlying strength in the Kiwi dollar, and as such we think that selling this market is going to be very difficult. However, the week before produced a shooting star at the 0.80 level, which of course is a very bearish signal in and of itself. Looking ahead, this looks like massive consolidation between the 0.8050 level, and the 0.78 level. Until we break out above or below this range, this market will more than likely be difficult for longer-term traders to consider positions in.

NZD/USD Forecast for the week of July 16, 2012, Technical Analysis

NZD/USD Forecast for the week of July 16, 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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