By FXEmpire.com
The NZD/USD pair bounced off of the 200 day exponential moving average yet again on Wednesday. The resulting candle looks very much like a hammer, and as a result we think it is a sign of tentative support. The fact that the moving average and the 38.2% Fibonacci retracement levels are right below – we figure the upside is the easier move for this pair. We would be interested in buying on a move above the Wednesday highs, but don’t expect fireworks, rather just a simple move back to the top of the consolidation area near the 0.8250 level. Selling isn’t a thought until we are much lower.
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Originally posted here
