NZD/USD Forecast for the week of September 3, 2012, Technical Analysis

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The NZD/USD pair had a weak five sessions in order to retest the 0.800 level for support. It should be said that eventually we did bounce above it, and it does look supportive. However, just above we have a shooting star as well and this signifies that there is quite a bit of resistance in this area also. Because of this, we think that long-term trading this pair is going to be very difficult as the action will more than likely be very choppy. With this in mind, we are actually staying away from the New Zealand dollar from a longer-term basis. If we manage to break above the 0.82 level, we think that would be a longer-term buy signal. If we manage to break down below the 0.78 level, we think that the longer-term sell signal. Until then, everything will be short-term trading only.

NZD/USD Forecast for the week of September 3, 2012, Technical Analysis

NZD/USD Forecast for the week of September 3, 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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