By: Colin Jessup
The NZD/USD pair didn't do too much yesterday which is understandable after the quick 500+ pips it, along with other pairs moved over the last week. We are at a strong resistance level of 0.7950 and price will need to trade above 1.5797, (which was the high 2 days ago and the 38.2% fibo level) in order to potentially resume its bullish tone. If price does power through to the upside, we will be looking for a possible 0.8100 level, and 0.8200 wont be far off. Should we break to the downside, look for minor support at 0.7880 with major support around 0.7800 and maybe even 0.7500. Yesterday's bullish engulfing candle is a strong indication that price wants to move higher, but the kiwi will need a boost from news or some other source to make this happen. I think we could see some movement later today, but don't be surprised if the market remains in a consolidation zone until next week.
