By FX Empire.com

NZD/USD rose during the Wednesday session but managed only to stop just short of the massive resistance area at the 0.8000 level. The pair looks very strong, but this area is more than likely going to be very resistive going forward. However, we are willing to wait and see if we can close above it to buy the Kiwi, or if we get some kind of weak candle in order to sell from this area as the bears step back in. The daily close today should be very telling.

NZD/USD Forecast January 12, 2012, Technical Analysis

NZD/USD Forecast January 12, 2012, Technical Analysis

Originally posted here