NZD/USD forecast for the Week of July 23, 2012, Technical Analysis

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The NZD/USD pair managed to poke above the 0.80 level during the previous week, only to be turned around to form a shooting star. Now we see a pattern of a shooting star, hammer, and then finally a shooting star for this previous week. This suggests to us that we are going to see consolidation, not a melt up or meltdown.

It appears that the 0.78 level below is going to be supportive, and as such we think that the downside will be protected by the supportive barrier between 0.78 and 0.79, as it has been over the last month or so. As for long-term trades, this market may not be the one to look at.

NZD/USD forecast for the Week of July 23, 2012, Technical Analysis

NZD/USD forecast for the Week of July 23, 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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