NZD/USD Technical Analysis for the Week of October 10, 2011

The NZD/USD pair continued to act erratically as the global markets fight investor fear. The resulting candle for the week is a doji right above support, but the Friday action was horribly weak, forming a shooting star. Because of this, we expect the pair to continue to trade in the erratic manner it has been in for a while, with a downward bias. We are not interested in owning riskier currencies at the moment, and the Kiwi is no exception. Because of this – we are selling rallies.

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