By FXEmpire.com
The NZD/USD pair exploded to the upside on Friday as the “risk on trade” came back into play because of good jobs numbers out United States. This pair however is starting to run into serious resistance at the 0.82 level. Because of this, although we think that this pair ultimately will rise over time – we aren’t prepared to go long at this point in time because of that resistance. Simply put, the Australian dollar should outperform the Kiwi dollar over the next five sessions as it has no real resistance ahead of it.
We do believe in the bullishness of the New Zealand dollar, but as things stand right now we either need a pullback to the 0.80 level was supportive action or a breakout above the 0.83 level in order to start buying again.
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Originally posted here
