NZD/USD News for the week of July 22, 2013

The NZD/USD pair rose during the previous week, after initially falling on Monday. Nonetheless though, we feel that this market will run into significant trouble at the 0.80 handle, which is exactly what we saw happen on Friday. We think that this area is an excellent shorting opportunity if we get the right resistive candle. Whether or not we get on the weekly chart might be another question, but we will have to be patient to get that signal to start selling again. If we get that resistive candle we fully expect to see 0.75 before it’s all said and done.