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NZD/USD Choppy Moves Ahead

Currencies / US Dollar Dec 13, 2013 - 10:38 AM GMT

By: Submissions

Currencies

The NZD/USD pair rose during the session on Tuesday, breaking the top of the hammer that had formed on Monday. That of course is a very bullish sign, but we did give back a little bit of the gains towards the end of the day. It is possible that this market will go higher, perhaps hitting the 0.84 level. However, this is not going to be the easiest of moves going forward, and as a result it is going to be choppy at best.


If trader get above the 1.04 handle on a daily close, this market will go straight to the 0.85 level. That area could be significant resistance, but it could end up being a nice little move between the 0.84 level, and that area if we get the chance.

Pay attention to the Federal Reserve and commodities markets.

Pay attention to the Federal Reserve and whether or not he can taper off of quantitative easing. This will highly influenced this market, simply because the New Zealand dollar of course does follow commodities in general. If the Federal Reserve gets decent employment numbers to work with here soon, we could see this market turnaround drastically, and start falling. However, it’s not probable that the markets will have that opportunity between now and the end of the year. Any fall from this level will more than likely be a minor, and therefore traders should be a bit hesitant to get overly excited about that move.

This is especially true considering how supportive the 0.82 level looks to be at the moment. With the 0.82 level been so supportive, and the 0.84 level been so resistive, this is a market that's probably going to be a scalper’s type of market more than anything else, and not so much one that should be hung onto for a few sessions. Because of that, I am on the sidelines, but if you are one of the people out there who likes to trade the 15 min. chart, this could be a good marketplace for you.

About the Author: Alp Kocak has been trading forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo and is a senior educator at FX Academy where he provides trading strategies to traders at all levels.

About FX Academy
FX Academy is a comprehensive Forex education system conceived directly from the need for traders to learn about Forex trading at their own pace in a comfortable, interactive environment. Founded by the trading experts at DailyForex.com, FX Academy offers traders of all levels the widest range of online courses to increase their knowledge of macro environmental trading conditions, trading concepts and strategies from core to advanced, heighten confidence and ability to trade profitably. For full details visit: http://www.fxacademy.com/

Copyright © 2013 FX Academy - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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