By FXEmpire.com
The NZD/USD pair had a back and forth week again, this time forming a bit of a doji. The most recent series of candles on the weekly chart have been a collection of dojis and hammers. It looks as if the market is trying to find support in the area at the moment, and as the Kiwi has held up much better than the Aussie during the most recent selloff, it makes sense that we like this pair to the upside. A break above the 0.83 level has us buying and aiming for 0.85 or so. (Or even higher if momentum can pick up.) We will not sell this pair until we get well below the 50% Fibonacci level at the 79.25 area. Until we see this pair break lower than that level – we can only buy and not sell.
NZD/USD Forecast for the Week of April 16, 2012, Technical Analysis
Originally posted here
