NZD/USD Forecast June 15, 2016, Technical Analysis

The NZD/USD pair initially tried to rally but found the 0.7050 level to be far too resistive to continue going higher. We fell down to the 0.70 level, which is an area that I have been talking about as far as being supportive lately. With this being the case, if we can break down below the bottom of the range for the Tuesday session, I feel that the New Zealand dollar will probably drop another 50 pips. On the other hand, if we can break above the top of the range for the day we could go much higher. A lot of this will be influenced by whatever the Federal Reserve sets today, so buckle up, it’s going to be a bumpy ride.