NZD/USD Technical Analysis for August 12, 2011

The NZD/USD pair continued its wild swings on Thursday as the markets seem to run from one direction to another every 24 hours. The pair seems like it is in consolidation between 0.84 and 0.81 and could stay in that range for a little while. A break to either side runs into opposing forces just 100 pips away. Because of this, we are sitting out of this market until we can do analysis on Friday as to the longer-term look of it. If you are inclined to scalp the markets, this could be a good pair for you, depending on the spread you pay.

Leave a Reply

Your email address will not be published. Required fields are marked *