By FXEmpire.com
The NZD/USD pair fell hard over the past five sessions to try and find the 0.75 level. The area looks as if it is significant support, and the hammer from the month of November 2011 on the weekly chart shows just how strong it could be. The pair has fallen 700 pips in three weeks, and it is probably due for a bit of a pullback.
However, we think this pair is still broken, and the economic health of the world is going to weigh upon the commodity space. Because of this, the Kiwi will remain vulnerable. We like selling this pair on rallies as they show weak shooting stars, bearish engulfing candles, and long red candles on the daily chart for our entry. We see a break of the 0.74 level as a sign that this pair falls much, much lower.
Click here a current NZD/USD Chart.
Originally posted here
