NZD/USD Forecast December 3, 2012, Technical Analysis

The NZD/USD pair fell during the Friday session as the shooting star from the Thursday session triggered sell positions. However, we got quite a bit of a bounce at the end of the session and we ended up right at the 0.82 handle. This market does look very healthy though, and as such we are waiting to see a break above the shooting star from Thursday that would signal more buying. However, when you look at this pair from a longer-term perspective, it appears that we are in a messy consolidation zone between 0.80 and 0.83 or so. Because of that, we think that there is a lot of choppiness coming and quite frankly could do without trading this pair.