NZD/USD broke out on Tuesday as the 0.83 resistance area is now in the rearview mirror. It appears of the previous three sessions were simply the market
NZD/USD broke out on Tuesday as the 0.83 resistance area is now in the rearview mirror. It appears of the previous three sessions were simply the market taking a rest before its next leg higher, and as a result this market looks suddenly very bullish. However, it still seems a bit overextended at this point in time, so we are not comfortable going long.
What we’re looking for is some type of pullback that shows any signs of support. We obviously can’t sell this pair, but buying up at this level would more than likely be chasing the trade.
NZD/USD Forecast December 12, 2012, Technical Analysis
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.