NZD/USD Forecast October 10, 2016, Technical Analysis

The NZD/USD pair initially rallied during the course of the session on Friday, testing the 0.72 level. That area was previously supportive, but now looks to be very resistive. Ultimately, we ended up falling from there and with that being the case the market reaches down to the 0.70 level below. Ultimately, this is a market that should continue to see sellers again and again, and therefore I am bearish of this market on either a break down below the bottom of the candle for Friday, or exhaustive short-term candle below the 0.72 handle.

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