NZD/USD Forecast October 1, 2012, Technical Analysis
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The NZD/USD pair rose during the session on Friday, but was beat back at the 0.83 handle in order to form a shooting star. This suggests that the pair is running into a significant amount resistance at that point, and as such we may see a little bit of a pullback. Nonetheless, we think this pair continues to be bullish overall, especially considering that the Federal Reserve is expanding its monetary policy.
The commodities markets should continue to do fairly well, and as a result we are looking for this pullback to produce some type of support candle below. We don’t see an opportunity to sell the Kiwi dollar to we are well below the 0.80 handle. On signs of support, we are more than willing to go long.
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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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