NZD/USD Forecast for the week of July 9, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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NZD/USD attempted to rally during the week, only to fail in the end to form a shooting star. This shooting star is based around the 0.80 level, and as such we think that further weakness could be coming. The poor jobs number out of the United States on Friday may have been the catalyst needed for further weakness in this pair. With that being said, a break of the lows from the week would be enough to have a start selling the New Zealand dollar.

As for buying, a break at the top of the shooting star for the previous week would be a bullish sign, but we feel that there will be easier trades out there and would probably ignore that signal. More than likely any move of that ilk would be based upon a sudden headline, and like many of the bullish headlines would be able to be faded shortly thereafter.

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