NZD/USD found itself chopping around during the Thursday session, and has shown the 0.81 area to be supportive. The pair will be hard to short until we break the 0.80 level – an area we see as vital to the uptrend. The pair looks like it wants to bounce, but it should be said that the 0.85 – 0.86 levels gave it fits the last time it rallied. Because of this, we feel consolidation between 0.81 and 0.86 will be the play for the next several days and weeks. A breaking of either sends the pair in a new direction, and until that happens, we are buying towards the bottom of the range, and selling towards the top.
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