NZD/USD Forecast September 10, 2012, Technical Analysis

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NZD/USD shot straight up on Friday as the jobs number in the United States came out very weak. Because of this, it appears that the Federal Reserve will be forced to act soon and stimulate the economy. With more quantitative easing on the way, it is an easy stretch to see how commodities will rise, and by extension commodity currencies.

The currency pair managed to stop just above the 0.81 handle, which of course is in the middle of a lot of noise to the left on the chart. Because of this, we are not keen to buy at this point in time, but would rather buy pullbacks as we now see the 0.80 level as support. Overall though, we think that the Kiwi dollar will continue to rise against the US dollar for the meantime. 

NZD/USD Forecast September 10, 2012, Technical Analysis

NZD/USD Forecast September 10, 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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