By FXEmpire.com
NZD/USD fell during the session on Tuesday as the shooting star for Monday was triggered for a sell order. However, we are not shorting this pair as we can see two very distinct support levels just below. The 0.81 level is the most obvious one at this point in time, because we have had three shooting stars that have been broken at that particular level. Since it is common for markets to retest resistance as support, we think this could be the potential move it’s coming.
The next level of support we see is the 0.80 level, and as such we just don’t think that there is a lot of room for this market to move on the downside. In fact, it is well below the 0.80 level that we see any value in shorting this pair. As for buying, we are simply looking for some type of supportive candle between current prices and 0.80 from which to continue the uptrend.
Click here to read NZD/USD Technical Analysis.
Originally posted here
