NZD/USD Forecast December 4, 2012, Technical Analysis

The NZD/USD pair fell by getting rose during the session on Monday, as we continue to bounce around the 0.82 handle. This pair looks very congested at the moment though, and as such we are not necessarily a big fan of the involved. This is a good barometer of the risk appetite around the world though, as it is such a high beta currency.

We still believe that the 0.80 level is a bit of a “floor” in this marketplace, and as such think that shorting will be difficult especially considering that the 0.81 level looks very supportive as well. However, above we see quite a bit of resistance at the 0.8250 level, as well as the 0.83 handle. Because of this, we are currently on the sidelines as far as his currency market is concerned. It isn’t until we get above the 0.83 handle that we are more interested in being involved.