NZD/USD fell for the first part of the session on Monday, but managed to bounce yet again as traders are piling into the Kiwi dollar in general. The candle is a hammer, and it is at the top of the recent rally. This leaves two possibilities as far as a signal: A break of the top of Monday's range is a buy signal, and a break of the bottom is a sell signal. The breaking of the bottom would be a hanging man, and this would be very bearish for this market. The pair is most certainly in an uptrend, and even if we get the hanging man, we are willing to buy on signs of support, especially in the 0.82 and 0.80 levels.
NZD/USD Forecast February 7, 2012, Technical Analysis
NZD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3