By FX Empire.com
NZD/USD had a rough week over the last 5 sessions as the 0.75 level gave way. This crucial area is the start of the absolute bottom of support in this market, and a violation of it could rush in a bit of a meltdown in the Kiwi dollar. The pair is highly sensitive to economic headlines and negative sentiment, so the pressure should continue to be there as the world continues to worry about recession and debt issues in the EU. We like selling rallies, and would become aggressively short of this pair if we can break the 0.70 as well. We think the move to 0.70 is coming, and view the recent breaking of 0.75 as a very bad omen.
NZD/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis
Originally posted here
