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
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.
