NZD/USD shot straight up on Tuesday as traders took risk on everything they could. Commodities rallied again, and the Kiwi benefitted as a result. The pair is closing out the session on a high note, and the 0.79 level is being tested. However, the 0.80 level just above should be very resistive, and as a result we cannot consider buying at this point. We simply see far too many reasons to wait until that level gets closed above on the daily chart to consider buying now. The headline risks are still out there, and the market is somewhat think as well – making these moves potentially false in our opinion.
NZD/USD Forecast January 4th, 2012, Technical Analysis
Originally posted here
