By FXEmpire.com
NZD/USD fell most of the session on Wednesday, but managed to bounce back to form a hammer by the end of the day. This hammer sits just below the 0.80 level and we think that it shows significant pressure for this pair to rise over time. However, the 0.80 level starts a good resistance area all the way up to 0.8050 that will take some strength to get through. It is because of this, that we are not buying this pair just yet but rather waiting to see if we can clear the top of this resistance. If we do, we will buy and not hesitate to hold onto the trade for several hundred pips. As for selling, we just aren’t comfortable doing it at this moment in time in till we see a break down below the 0.78 support level.
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Originally posted here
