The NZD/USD pair fell during much of the week, but bounced back in the end to form a bit of a hammer. This hammer is focused around the 0.82 level, and is
The NZD/USD pair fell during much of the week, but bounced back in the end to form a bit of a hammer. This hammer is focused around the 0.82 level, and is enough of a reason for us to start buying on a break of the week’s highs. We only say this because of the massive amount of support that we see below. We also recognize the fact that there are a lot of headline risks out there presently, so a fall from here could still catch quite a bit of support down to the 0.81 or even as low as 0.80 handle. As for selling, we simply cannot do it until we break below the 0.80 level, something a looks very unlikely at the moment.
NZD/USD forecast for the week of December 31, 2012, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
