NZD/USD Forecast December 14, 2012, Technical Analysis
The NZD/USD pair shot straight up during the session again on Thursday, but failed to get enough momentum to go above the 0.85 handle. In fact, we managed to pullback enough to form a shooting star, and this overextended market certainly looks like it could pull back and take a breather. Is because of this that we believe a break below the lows of the Thursday session is a reasonable sell signal for a short-term trading opportunity. We would emphasize the phrase “short-term”, as we do believe in the longer-term validity of the move higher. We look for support right around the 0.8350 level, so this would be short term at best, and of course if we managed to break above the top of the shooting star we would have to admit that this market looks like it’s ready to continue going parabolic.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.