NZD/USD Likely to Remain Bullish

Colin Jessup

By: Colin Jessup

NZD/USD Analysis, August 15, 2011

The NZD/USD pair has been very bullish for quite some time, and it appears that it will continue to be so in to the future. Weekly chart shows a long shadow, or hammer to some, which has found support not surprisingly at .8300 where it closed roughly. The 0.8000 level is strong support and as such my line in the sand: If price trades lower than the .8000 mark, we can expect sentiment to have officially changed from bullish to bearish and buying this pair will officially be off the table. There is resistance expected at 0.8500 which will probably cause a pull-back if indeed we do go higher, and we will be looking for price to reach .86 again and .88 after that. Anyone looking for an entry to buy this pair should consider going long above .8435.

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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