NZD/USD rose again on Monday as traders continue to buy the commodity currencies. The 0.80 level has given way, and the last vestiges of resistance have been pierced at the 0.81 level. The market looks very healthy, and this pullback looks like it is indeed ready to continue the rise. We see the 0.80 level as a line in the sand, and think it should offer support going forward. With that in mind, we are willing to buy dips at this point as long as we are above the aforementioned 0.80 level. If we get a daily close below that level - we would sell right away.

NZD/USD

NZD/USD Forecast January 24, 2012, Technical Analysis

NZD/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.7991
0.8033
0.8058
0.8100
0.8125
0.8167
0.8192

 Fibonacci
0.8033
0.8059
0.8075
0.8100
0.8126
0.8142
0.8167

 Camarilla
0.8064
0.8070
0.8076
0.8100
0.8088
0.8094
0.8100

 Woodie's
-
0.8029
0.8048
0.8096
0.8116
0.8163
-

 DeMark's
-
-
0.8112
-
0.8046
-
-