The NZD/USD pair fell on Thursday for the session, but saw a significant bounce later in trading to form a bit of a hammer just under the 0.80 level. The pair looks very healthy, but buying at this level is going to be problematic. The 0.80 level is vital in this pair, and we urge caution in this vicinity until the market shows which way it wants to go. Because of this, we are waiting to see if we get a daily close above the 0.80 level in order to buy as it would show conviction. If we close below 0.79, we are willing to sell this pair as it would show serious resistance building.
NZD/USD Forecast January 13th, 2012, Technical Analysis
Originally posted here
