By FX Empire.com
The NZD/USD pair fell hard on Wednesday as the Dollar continues to steamroll most other currencies. The commodity markets fell slightly on the whole, and as a result the Kiwi fell in value. The 0.81 level is the 38.2% Fibonacci level, and we think that it will eventually give way. The 0.8000 level below that looks more supportive and the 50% Fibonacci level at roughly the 79.50 level should back it up. The market is still bullish, even with this most recent pullback. The next couple of days should be very important to this pair, and if we get signs of support at this lower level, we will not hesitate to buy at this point.
NZD/USD Forecast March 15, 2012, Technical Analysis
Originally posted here
