NZD/USD Forecast February 22, 2016, Technical Analysis

The NZD/USD pair initially fell during the course of the day on Friday, but found enough support near the 0.65 level to turn things around and form a hammer. This hammer of course is a bullish sign and as a result the market should continue to bounce around in this general vicinity. With that being the case, the market could very well chop around and reach towards the 0.6750 level, which is the top of the recent consolidation. Nonetheless, we are not overly excited about trading this market as it seems to be so tight at the moment.