NZD/USD Forecast January 21, 2016, Technical Analysis

The NZD/USD pair fell initially during the day on Wednesday, but turned back around to form a bit of a hammer. The hammer sits just below the 0.64 level, an area that looks to be rather important to the marketplace. A break above the 0.64 level, we feel that this market will probably try to reach towards the 0.65 level as we simply consolidate. On the other hand, if we break down below the bottom of a hammer, this market should continue lower, reaching towards the 0.6250 handle, as it is supportive.