NZD/USD Technical Analysis August 24, 2011

The NZD/USD pair rose on the Tuesday session, and ended at the top of the candle. The candle did stop at the 0.8350 resistance level, which has been tough lately. The pair could react by falling a bit, but it should also me mentioned that the level isn’t a major one. More than likely, the pair continues to rise, and any fall from this level should have the prudent trader watching for bullish and supportive candles – especially around the 0.8000 to 0.8100 levels. The market isn’t sellable until we close below the 0.8000 area. With the especially strong candle on Tuesday, it looks as if this pair is finally ready to move – to the upside.

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