NZD/USD rose again for the Thursday session as the risk on trade continues to press forward. The commodity currencies all got a boost, and with the Federal Reserve willing to keep rates low until the end of 2014, the commodity markets should continue to rise overall. However, this market looks like the top has been put in for the short term based upon the double top at the 0.8250 level that we have formed. However, we are not willing to sell this market, we simply want to let it pullback in order to buy it closer to the 0.81 level. If we close sub-0.80, we would then become sellers. But until that event happens, this market looks like a screaming buy.

NZD/USD

NZD/USD Forecast January 27, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.8132
0.8156
0.8188
0.8212
0.8244
0.8268
0.8300

 Fibonacci
0.8156
0.8178
0.8191
0.8212
0.8234
0.8247
0.8268

 Camarilla
0.8204
0.8209
0.8214
0.8212
0.8225
0.8230
0.8235

 Woodie's
-
0.8158
0.8192
0.8214
0.8248
0.8270
-

 DeMark's
-
-
0.8256
0.8219
0.8200
-
-