By FX Empire.com
NZD/USD had a strong week as traders continue to pile into commodities and commodity currencies. The Dollar got sold off after the Federal Reserve announced an extension of their ultra low interest rate policy on Thursday which had traders absolutely in sell mode when it came to the Dollar against all other currencies that we follow. The candle closed near the highs, and this is normally indicative of a strong market. The 0.80 level below should now serve as a “floor” in this pair, and the market could be bought on pullbacks. The 0.8250-ish area seems to be a resistive level, and as a result we may see this pullback soon. If we do – we will go long on any signs of support.
NZD/USD Forecast for the Week of January 30, 2012, Technical Analysis
Originally posted here
