By FX Empire.com
The NZD/USD pair fell for much of the week, only to turn around and bounce back to finish the week higher. The resulting hammer shows that we are finding support in the area, and the 0.81 level which coincided with the 38.2% Fibonacci retrace seems to have been the catalyst. With this in mind, we see buying opportunities on a break of the highs from the weekly candle. The 0.8450 level will be the first major areas of resistance. The breaking of that level will certainly have this pair rising much higher, and this is where we think this market goes eventually. We are not selling until the 0.80 level is broken to the downside.
NZD/USD Forecast for the Week of March 19, 2012, Technical Analysis
Originally posted here
