By FX Empire.com
NZD/USD had a fairly quiet day on Monday as the 0.8000 level still manages to keep a lid on the market. The area has to be overcome in order for the Kiwi to accelerate the recent gains it has seen. The pair did smash through the level on the down side rather quickly, and one has to wonder whether or not the pair is simply retesting former support for resistance. Because of this, we think the pair will be slightly bias to the downside, but aren’t willing to take that trade out of the blue. We need to see resistive candles right at the 0.8000 level in order to sell. If we can close above that level on a daily chart – we would consider longs at that point.
Originally posted here
