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NZD/USD Forecast Dec. 12th, 2011, Technical Analysis

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

NZD/USD fell at first during the Friday session, but saw massive rebounding as the market fell into relief rally mode after the EU summit. However, there

NZD/USD Forecast Dec. 12th, 2011, Technical Analysis

NZD/USD fell at first during the Friday session, but saw massive rebounding as the market fell into relief rally mode after the EU summit. However, there is the previous resistance area just above, and we feel that the market is simply returning to that range. The most recent pattern has been for lower highs, and this tells us that the path of least resistance is down. Because of this, we are willing to avoid buying this pair as we see the upside being so limited.

NZD/USD Forecast Dec. 12th, 2011, Technical Analysis
NZD/USD Forecast Dec. 12th, 2011, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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