By FX Empire.com
NZD/USD fell for the week, but managed to bounce from the lows in order to form a hammer just under the now obvious 0.8450 resistance area. The pair looks strong, and the trend has been very healthy to the upside. The commodity trade should continue as the easing around the world will push traders into the “stuff” trade as fiat currencies will lose trust with investors. Because of the relationship between the Kiwi and commodities, we think this pair continues to the upside. With this in mind, we need to see a daily close above the 0.8450 level or even on a pullback as long as we are above the 0.80 level.
NZD/USD Forecast for the Week of February 27, 2012, Technical Analysis
Originally posted here
