NZD/USD Forecast September 17, 2012, Technical Analysis
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The NZD/USD pair had a negative session on Friday, which of course is counterintuitive to several of the risk asset classes rising. And formed a shooting star, and this does suggest that the 0.83 handle is going to offer a bit of resistance. A pullback would be welcomed by the bullish though, as this pair has gone fairly parabolic. The 0.82 handle would be an excellent place to see this pair pullback to and formed a supportive candles from which to go long. In fact, that is our strategy at this current time. Obviously though, we can extend this rally much further than anticipated, and this would be shown by a break above the top of Friday’s shooting star.
As for selling this market, we simply see no reason to do so as quantitative easing should push of the value of commodities, and this is of course a commodity currency. Going forward, we will continue to buy dips that show support in the New Zealand dollar.
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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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