By FXEmpire.com
The NZD/USD pair fell on Monday but continues to drift around in the massive consolidation rectangle it has seen lately. The pair was plagued by the “risk off” attitude in the markets, but still looks as if all of the real risk is to the upside. The 200 day exponential moving average is still below, so trend traders will think of it as being in an uptrend, although lately it has been more range bound than anything else.
The pair may be slightly effected in the early hours as the Reserve Bank of Australia has a rate decision, and the Kiwi tends to follow its antipodean cousin overall. If it dips, we will be buying on a short term sign of support, especially near the 0.81 handle which has been so supportive lately.
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Originally posted here
