NZD/USD forecast July 23, 2012, Technical Analysis

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NZD/USD fell during the session on Friday to break back down below the 0.80 level. The weekly charts look confused, and looking at this daily chart you can see why. The supportive candles from earlier in the week suggest that we will have a hard time falling, and as such we are not willing to short this pair at this point in time yet.

The market looks more range bound than anything else, and as a result we are looking for a trading environment that favors trading between the 0.79 and 0.8050 levels. The market looks like we are about to grind sideways, and as such we aren’t involved in this pair.

NZD/USD forecast July 23, 2012, Technical Analysis

NZD/USD forecast July 23, 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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