NZD/USD rose again on Tuesday as traders continue to buy the Kiwi overall. The commodity markets should continue to get a bid as the Federal Reserve has extended its ultra low interest rate policy. The Kiwi is particularly sensitive to these moves, and as long as there is a bid for stuff, the Kiwi should continue to shine.
The pair broke through the 0.8250 level, and has pierced the double top. The pair should continue to gain as long as we can stay above 0.82, and if we do pullback, there is a real chance that the 0.80 level will continue to be a floor in this market. Because of this, we are buying pullbacks going forward, and of course new highs.
NZD/USD Forecast February 1, 2012, Technical Analysis
NZD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3