The NZD/USD pair originally fell for the Friday session, but managed a nice bounce to form a hammer. The candle appears that the very top of a range, and just under the 0.80 resistance level. The pair certainly looks bullish as of late, but the area must be cleared now in order to go higher. It is because of this that we are going to wait to see if we get a daily close above 0.80 in order to buy, or if we get an exhaustive candle such as a shooting star to set up possible shorts form this area. 0.80 really is important, and as a result we need to let the market tell us what to do.
NZD/USD Forecast January 16, 2012, Technical Analysis
Originally posted here
