NZD/USD Forecast January 22, 2016, Technical Analysis

The NZD/USD pair initially dropped but found enough support at the 0.64 level below to turn things around and bounce significantly. With this being the case, looks as if the market is trying to go little bit higher, but there are several areas above that could cause quite a bit of resistance. The 0.65 level is of course resistive, just as the 0.67 level as. At this point in time we prefer to sell rallies that show signs of exhaustion, but do not have that signal quite yet. From a longer-term perspective though, we are at the bottom of the consolidation area, and could reach as high as 0.69 and not change much in this market.

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