NZD/USD Forecast January 3, 2012, Technical Analysis

NZD/USD fell and then rose during a back and forth session on Monday. The pair is currently sitting just below the 0.78 handle, and area we have seen as resistive lately. Whether or not this pair can climb through that level remains to be seen, but it is because of this cluster of selling that we are not willing to buy at this point. A daily close above 0.80 is what we need to see as the entire chart above current levels shows resistance up to that point. A break of the hammer that has been formed for Monday would have us selling though, as the 0.75 would be our first target.

NZD/USD Forecast January 3, 2012, Technical Analysis
NZD/USD Forecast January 3, 2012, Technical Analysis

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