NZD/USD Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The NZD/USD pair fell during the session on Friday in order to retest the 0.8150 level again. This area is rather supportive based upon the Tuesday hammer, and as such we don't feel like we’re going anywhere in short order. In fact, we feel that this is a barely active market, and will remain in a fairly tight range.

The Kiwi dollar tends to be very sensitive to risk appetite, and as such with all of the potential bad headlines out there we are leery to trade this market. That being said, we are very flat of this currency pair and will remain so until we either break below the 0.80 handle, at which point we would be short. Alternately, we would start buying this pair above the 0.8250 level as it would show that the immediate area held as support.

 

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