NZD/USD Forecast February 9, 2016, Technical Analysis

The NZD/USD pair initially fell during the day on Monday, but found enough support below to turn things back around and form a bit of a hammer. That being the case, the market looks as if it is capable of bouncing from here but we also have a significant amount of resistance above and the 0.67 region. Because of this, the market looks as if it is going to be tight and bouncing, which is difficult to deal with for any real length of time. We will sit on the sidelines when it comes to the New Zealand dollar at this point in time.