By FXEmpire.com
The NZD/USD pair fell through the vital 0.75 level on Wednesday to really increase the selling pressure in this market. The pair bounced at the end of the session though, to form a hammer at this all-important level. The fact that it did this suggests that maybe a bounce will come. However, we think this pair continues to the downside as the risks out there don’t dictate taking on a bunch commodities or commodity related currencies.
The breaking of the top of the candle for the Wednesday session is a buy signal, but anyone who does so will have to be very careful about headlines coming out. We feel that the signal could introduce a rally that could be sold on weak price action. A break of the bottom of the Wednesday candle is a massively bearish signal, and this has us selling aggressively.
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Originally posted here
