By FXEmpire.com
The NZD/USD pair fell hard this past week as the “risk off” attitude came back into the markets. The Kiwi is highly sensitive to the commodity markets and as a result when there is trouble the Kiwi falls. The markets are very worried about the things going on in Europe at the moment, and as long as that is true the Kiwi will suffer.
The candle closed right towards the bottom for the week, and although it looks very weak, there is the 0.78 level to deal with as support. The 61.8% Fibonacci level is right there as well, and as a result we are willing to sell on a fall from here – but only after a daily candle that closes below 0.78 for clarity. As for buying, we would need to see a close above 0.80 to consider it.
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Originally posted here
