NZD/USD Forecast October 2, 2012, Technical Analysis

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The NZD/USD pair attempted to rally during the session on Monday, but failed to hang onto those gains informed a strong shooting star. This suggests to us that the 0.83 level will continue to contained market prices for the short-term. We think that the 0.82 level offers a bottom though, and as such this looks like a return to the previous tight consolidation range. With this in mind, this becomes a short-term traders market, and one has to be willing to trade off of the short-term charts.

With the Friday nonfarm payroll number coming out this week, we think that this market may continue to be very sideways for the next couple of days. We do prefer buying though, as it is the overall trend.

 

NZD/USD Forecast October 2, 2012, Technical Analysis

NZD/USD Forecast October 2, 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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