NZD/USD continues to move sideways as the markets are waiting for the outcome of the EU summit at the end of the week in order to decide how far out in the risk spectrum they want to go. The Kiwi will continue to be in a tight range until some kind of decision is made, and a breaking of the top of the recent range at 0.7850 would signal a run back up to 0.8000, with the breaking below the bottom of the Tuesday session signals selling pressure down to at least 0.7500, if not to fill the gap from two weeks ago. With the risk environment being what it is lately, we prefer selling all things being equal.
NZD/USD Forecast Dec. 7th, 2011, Technical Analysis
Originally posted here
