NZD/USD rose during the previous week after fending off the bears and an initial selloff. The pair formed a hammer and looks like it could be set to rise, but the highs continue to get lower, so it is hard to make a massively bullish case for this pair. Also, the Dollar is well-loved currently, and as a result this pair could suddenly reverse.
The 0.80 level above looks very resistive, and should keep the pair down at that level. The pair is looking like a choppy market between here and 0.80, and that keeps us away, although it looks like up is the next move. Having said that, we are looking to the 0.80 mark to show us if there will be a selling opportunity from that level.
NZD/USD Forecast for the Week of January 2, 2012, Technical Analysis
Originally posted here
