NZD/USD Forecast June 29, 2016, Technical Analysis

The New Zealand dollar initially tried to rally on Tuesday but gave back most of the gains in order to form a shooting star that is sitting just above the 0.70 level. With this in mind, a break down below the 0.6950 handle will create a selling sentiment again as the market will more than likely continue to face bearish pressure. There’s a lot of uncertainty in markets, and as a result it makes sense that the US dollar continues to strengthen against the Kiwi. Also, it should be noted that the commodity markets had a fairly decent day during the session on Tuesday, while the Kiwi dollar could not keep gains. That’s a bearish sign.

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