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NZD/USD Technical Analysis October 25, 2011

By:
Christopher Lewis
Updated: Jan 1, 2011, 00:00 UTC

NZD/USD rose on Monday as traders bought back into the “risk on” trade. The Kiwi is a commodity currency, so the move makes sense to us. The 0.8000 level

NZD/USD Technical Analysis October 25, 2011

NZD/USD rose on Monday as traders bought back into the “risk on” trade. The Kiwi is a commodity currency, so the move makes sense to us. The 0.8000 level has given way, but it appears that the 0.81 level might be the top of that resistance area. The resulting candle looks somewhat like a shooting star, but is a bit too thick to actually considered one. The set up is fairly simple: buying this pair on a break of the Monday highs is considered a decent long opportunity, while the breaking back down below 0.8000 would have us bearish.

About the Author

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.

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