By FXEmpire.com
The NZD/USD pair bounce during the Wednesday session, to retest the 0.79 level. 0.79 was the start of support in the previous consolidation range, and breaking that support level suggested that we were going to fall another 200 pips. Because of this, we still feel that this pair has some downside risk do it, and as such remain short. We feel that the 0.7650 level is what we’re going to be targeting before it’s all said and done. With this in mind, we will not buy this pair anymore after this break down. It should also be noted that towards the end of the session on Wednesday, the key we did give up quite a bit of its gains in the US trading session. Because of this, it looks like this rally will be very short-lived.
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Originally posted here
