NZD/USD Forecast February 2, 2016, Technical Analysis

The NZD/USD pair initially tried to fall during the course of the day on Monday, but turned back around to show real signs of strength. In fact, we believe that if this market can break above the 0.66 level, it’s very likely that this pair will continue to go much higher. However, we recognize that there are a lot of concerns out there with commodity markets, and as a result it’s very likely that people will still be a bit skittish when it comes to the New Zealand dollar. At this point in time though, it does look like there is a lot of pork just below, so it is difficult to consider selling here.