NZD/USD rose during the week as traders continue to support the Kiwi. The 0.80 level is just above, and is considered to be a vital area. The level certainly looks resistive, and it will have to be cleared in order to buy this market at this point in time. The breaking of the previous week’s shooting star is pretty impressive, and under normal circumstances would have been a buy signal by itself, but with this massive area just above – it is prudent to see it give way first. Of course, and exhaustion at this area could signal a nice selling opportunity down the roughly 0.75 or so.
NZD/USD Forecast for the Week of January 16, 2012, Technical Analysis
Originally posted here
