By FXEmpire.com
The NZD/USD pair fell hard on Wednesday as the “risk off” trade came back into play. The session saw the market test the lows from the Tuesday hammer in a sign of real weakness. However, there are many places where this pair could find some kind of support below, so we are hesitant to sell at the moment.
The 200 day EMA is just below, as is the 38.2% Fibonacci level. The 50% is just below the 0.80 handle, which of course will have an effect on this market as well. Because of this, we only buy the market. However, at this point it doesn’t look strong enough to do so.
NZD/USD Forecast April 19, 2012, Technical Analysis
Originally posted here
