NZD/USD Forecast July 9, 2012, Technical Analysis

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The NZD/USD currency pair fell during the session on Friday as the US jobs number came out much weaker than anticipated. The market has been repelled at the 0.80 resistance level, which for a few sessions it actually served as support. Because of this, we look at this pair with a little bit different bias now. We think that this market will eventually fall, and as such would be willing to short a break of the Friday lows. With this being said, we think that we’re only one semi negative headline away from seeing the New Zealand dollar fall again. Adding to the confusion and negativity is the fact that the jobs number wasn’t quite bad enough to have the Federal Reserve engage in further quantitative easing in the minds of many traders. Because of this, the “cheap money” rally in commodity currencies may simply not happen.

NZD/USD Forecast July 9, 2012, Technical Analysis

NZD/USD Forecast July 9, 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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