NZD/USD Forecast February 3, 2016, Technical Analysis

The NZD/USD pair fell during the course of the day on Tuesday, as we continue to see quite a bit of volatility. That being the case, the market looks as if it is going to find buyers below that could keep this market somewhat supported. There is significant resistance near the 0.66 level, so having said that we think that only short-term traders will be involved, and that they will simply trade back and forth on short-term charts in order to try to profit. Ultimately, this is a market that’s going to be difficult to hang onto for any real length of time.