NZD/USD Forecast for the Week of January 23, 2012, Technical Analysis

NZD/USD rose during the previous week, and managed to break above the 0.80 level. The pair looks very strong at this point as the market closed the week at the very top of the range. The closing above 0.80 should signal that the level should be the new support going forward, and as a result we feel the market is a “buy only” one currently.

The breaking of the top of the week’s range would be a massive bullish signal in this market. Because of that, we are willing to buy if that happens going forward. Also, one could look at the daily chart in order to “fine tune” the entry as a supportive daily candle at the 0.80 level could be used to buy in. Until we get a close on the weekly below 0.80, we are not selling.

NZD/USD Forecast for the Week of January 23, 2012, Technical Analysis
NZD/USD Forecast for the Week of January 23, 2012, Technical Analysis

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