NZD/USD Forecast October 12, 2012, Technical Analysis

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The NZD/USD pair initially rose above the 0.82 handle again on Thursday, but much like the last couple of sessions had trouble staying above it. The resulting candle was a shooting star, and we are sitting just above the 0.8170 level that has offered support recently.

Because of this, we are very leery of going long the Kiwi dollar, and will more than likely stay out of this market. We do see the possibility of falling prices, but we think that there is enough noise between here and 0.80 that it will make for choppy trading conditions. With this in mind, we are staying out of this market for the time being.

 

NZD/USD Forecast October 12, 2012, Technical Analysis

NZD/USD Forecast October 12, 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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