NZD/USD Forecast February 4, 2016, Technical Analysis

The NZD/USD pair broke higher during the course of the day on Wednesday, as we have seen US dollar selling around the world. With this, the New Zealand dollar of course broke higher. We still see a significant amount of resistance between here and the 0.69 level, so although we feel that this market will probably go higher, the reality is that there will be easier pairs to trade against the US dollar at this point in time. Ultimately though, pullbacks could offer supportive candles below that give us a chance to start going long yet again.