NZD/USD had an interesting Friday as the pair fell, and then bounced to form a hammer by closing time. The hammer follows a shooting star for Thursday, and this signals that the pair is winding up for a move. We think that the Chinese economic numbers over the weekend, the possible Spanish bailout, and the Greek elections next weekend will play havoc with this pair.
The AUD/USD pair looks identical, and as a result we feel the tame about the analysis for the AUD/USD pair as well. On a break of the top of the shooting star, we are buying and a break of the bottom of the hammer we are selling.
This goes for both pairs.