NZD/USD Forecast September 5, 2016, Technical Analysis

The New Zealand dollar initially rallied during the course of the day on Friday, breaking well above the 0.73 level yet again. However, we sell the sellers come back into this market and form a shooting star. This is a very negative sign and I think at this point it just shows how hard it is going to be to break out to the upside. I believe that the 0.73 level below will be a bit of a “floor” at this point in time, so this negative candle just screams that were going to drop back there to try to pick up enough momentum to finally make the real move.

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