By FXEmpire.com
The NZD/USD pair saw a large surge higher during the Friday session as the EU meeting produced a potential bond bailout plan for the Spanish and Italians. This had the market buying a lot of risk assets, and short covering. The Kiwi dollar is highly sensitive to risk appetite, so we think this was an obvious move.
The 0.80 level seems to have contained the markets for now, but the level looks as if it is about to give. Granted, we did pierce the level, but we fell at the end of the day as the momentum died down. If the weekend doesn’t produce bad headlines out of Europe, we think this pair runs to the 0.82 level.
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Originally posted here
