NZD/USD forecast for the week of January 21, 2013, Technical Analysis

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Posted January 19, 2013 5:09 (GMT) | By FX Empire Analyst - Christopher Lewis | Print | Font Size       | Add a comment

The NZD/USD pair had a back-and-forth week, but finished with a shooting star for the second week in a row. Although this is technically a bearish signal, we still feel that this market is a bit too tight in order to think that selling is a good idea. After all, just below at the 0.82 level is a fair amount of support. With that being the case, we do not see a trading opportunity for the longer-term trader at this moment in time. A breakout above the 0.85 is when it’s going to take in order to get the long-term traders back into the marketplace, or perhaps some type of supportive action down to the 0.82 level.

NZD/USD forecast for the week of January 21, 2013, Technical Analysis NZD/USD forecast for the week of January 21, 2013, Technical Analysis