By FX Empire.com
NZD/USD fell during the Tuesday session as the market continued to consolidate. However, in the later hours of trading, we saw a bounce that formed a hammer in this pair. The area above is resistive and the “top” of the current consolidation level, and we need to see a strong daily close above the 0.8450 level to be convinced to buy. However, it must be said that the pair is in a massive uptrend, and this shouldn’t change anytime soon. We know we want to buy this pair, now it is simply a matter of waiting for our buy signal on new highs. If the pair falls, we expect 0.82, 0.81, and 0.80 to all offer supportive action. If in fact we test those areas – we are willing to buy on supportive candles.
NZD/USD Forecast February 29, 2012, Technical Analysis
Originally posted here
