NZD/USD Forecast September 24, 2012, Technical Analysis
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The NZD/USD pair initially rose during the session, but ended up falling as the 0.83 level offered to much resistance. The level looks to be an area where buyers and sellers are going to battle announced, but it should be stated that the 0.82 level has already looks to offer support going forward. Because of this and the fact that the Federal Reserve continues to expand its quantitative easing program, we think the US dollar will continue to weaken. By default, the Kiwi dollar should do well against it.
Unlike its Australian cousin, the New Zealand dollar is greatly affected by soft commodities, and as such Chinese slowdown will not affected as much as the Chinese will still want to buy things like milk. With this in mind, we actually prefer the Kiwi dollar over the Aussie dollar right now.
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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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