NZD/USD Forecast July 18, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The NZD/USD pair had a fairly volatile session during the Tuesday trading hours as the Federal Reserve Chairman testified in front of the U.S. Congress. Any hint of quantitative easing would have certainly weakened the dollar, and as he did not explicitly give those signals, we had very mixed markets all around the board.

Even after all this being said, the New Zealand dollar did manage to finish the day on a positive tone, but just underneath the 0.80 level. It is the 0.80 to the 0.8050 area that we are focusing on, as we think any move above that is extremely bullish. At that point in time, we would not hesitate to be long of the Kiwi dollar. On the downside, we see 0.79 and 0.78 as both been rather supportive, so we’re going to play in a little bit more cautiously in this market and wait until we close below the 0.78 to start selling. In the meantime, we expect a lot of sideways motion with choppiness.

NZD/USD Forecast July 18, 2012, Technical Analysis

NZD/USD Forecast July 18, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment

Your email address will not be published.