NZD/USD Daily Forecast January 31, 2012, Technical Analysis

NZD/USD fell during the Monday session as it attempted to break a resistance level at the 0.8250 level. The area now looks like a double top, and a break of this would then become a massively bullish sign. The commodity markets should continue to get a bid due to the extended low rates being announced by the Federal Reserve last week, and as a result - the Kiwi should get a bid. The braking above 0.8250 would be a great buy signal. Of course, we could see a bit of a pullback, and as long as 0.80 holds as support - we are willing to buy dips.

NZD/USD Daily Forecast January 31, 2012, Technical Analysis

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