NZD/USD Forecast July 16, 2012, Technical Analysis
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The NZD/USD pair rose during the Friday trading session, to reclaim all of the losses suffered on Thursday. It appears that the 0.79 level is going to hold as significant support in this market, but it has to be said that there are very resistive candles just above. This looks like the epitome of a consolidating market, and as such will be more of a scalper’s market than anything else.
If we can get above the 0.8050 level, then we would become more bullish of the Kiwi dollar. With all the headline risks out there it makes more sense that this pair struggles to rise over time. On a break down below the 0.78 level, we would become aggressively bearish of this pair as it would more than likely coincide with some type of negative headlines in the financial markets. In the meantime, we think very short-term trading is going to be about what you can expect in this market.
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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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