The NZD/USD pair fell initially on Thursday as the risk off trade continued. However, the middle of the session had word of the European Central Bank getting ready to swap their Greek bonds for longer maturities, and this helped alleviate some of the worries that the markets have had recently. The candle formed for the session was a hammer, and it looks like the bulls are ready to step back in.
The pair printed a shooting star on Wednesday, and as such this looks more like the market going back into the consolidation area in the neighborhood of the 0.8250 level. The pair is a buy once we clear the top of the Wednesday session, and as such we simply have to wait as the uptrend looks very much intact.
NZD/USD Forecast February 17, 2012, Technical Analysis
NZD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3