The NZD/USD skyrocketed on Friday after falling earlier in the day. The pair is overbought, but we certainly do not want to stand in the way of this freight train which is the long term trend we see in this pair. Instead, we want to buy pullbacks, perhaps down to the 0.86 and especially the 0.85 levels. We will only buy, and will not sell this pair at all. Look for a pull back to these levels before moving into buying this pair.
The GBP/USD rose on Friday, but is presently running into trouble at the 1.65 level. As we look at it, this pair looks like a prime candidate for a choppy market, bouncing between the 1.65 and 1.63 levels. We think this pair will only offer short-term opportunities for the immediate future.
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