NZD/USD fell on Wednesday as the “risk off” trade came back. The overall trend is up though, and we saw the bottom of the recent range hold as support. This suggests that the pair should continue to grind sideways, and even if it doesn’t – we aren’t selling at this point. The 0.82 level below should offer support, and the 0.80 level will certainly do so. The pair has been very strong, so we continue to look at falls as pullbacks in which to buy this market. We won’t sell until we see the 0.80 broken below on a daily close.
NZD/USD Forecast February 23, 2012, Technical Analysis
Originally posted here
