NZD/USD rose initially during the session on Wednesday as the bullishness in all things risk related continued. The eventually pulled back though, and this shows that perhaps the world is getting a bit tired of waiting on the solution coming out of Athens to the Greek debt crisis. This pair has been especially positive as the commodities have gotten a boost by the weaker Dollar overall. The Kiwi dollar is a favorite of risky assets for traders, and this pair will be the first to fall if the markets suddenly get bearish.
The 0.8350 level looks as if it wants to be resistive, but the candle from just two session previous looks supportive. Because of this, we feel that it is more than likely that we will see consolidation for the short-term. The pair looks like a no trade pair at the moment.
NZD/USD Forecast February 9, 2012, Technical Analysis
NZD/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3