NZD/USD forecast for the week of October 22, 2012, Technical Analysis

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The NZD/USD pair initially surged higher during the week, but gave back much of its gains in order to form a neutral, if not shooting star type of candle. However, we see quite a bit of support below and this market just looks confused in choppy. Is because of this that we are steering clear of it, even though it is normally a great risk barometer.

With all of the confusion out there about the European Union debt crisis, what’s going on in China, and demand coming out of Australia we are reluctant to trade some of the higher beta commodity currency pairs as there is far too many chances for a headline to push this pair around one way or the other. For the time being, we are flat of the Kiwi dollar.

 

NZD/USD forecast for the week of October 22, 2012, Technical Analysis

NZD/USD forecast for the week of October 22, 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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