NZD/USD Forecast May 19, 2016, Technical Analysis

The NZD/USD pair fell during the day on Wednesday initially but turned around back around and form a bit of a hammer. The previous candle on Tuesday was a shooting star, so really at this point in time it looks as if the market is a bit confused and simply consolidating in a very tight range. With that being the case, we are simply going to step on the sidelines as we recognize that the New Zealand dollar is probably going to be very difficult to trade at the moment. Once we get an impulsive candle, then we can make a decision.