NZD/USD Forecast July 19, 2012, Technical Analysis

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NZD/USD fell most of the session on Wednesday, but managed to bounce back to form a hammer by the end of the day. This hammer sits just below the 0.80 level and we think that it shows significant pressure for this pair to rise over time. However, the 0.80 level starts a good resistance area all the way up to 0.8050 that will take some strength to get through. It is because of this, that we are not buying this pair just yet but rather waiting to see if we can clear the top of this resistance. If we do, we will buy and not hesitate to hold onto the trade for several hundred pips. As for selling, we just aren’t comfortable doing it at this moment in time in till we see a break down below the 0.78 support level.

NZD/USD Forecast July 19, 2012, Technical Analysis

NZD/USD Forecast July 19, 2012, Technical Analysis

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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.

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