NZD/USD Forecast October 13, 2016, Technical Analysis

The New Zealand dollar initially tried to rally during the course of the day on Wednesday, but fell right back down as we continue to grind down towards the 0.70 level below. I believe that is an area that is massively supportive, so if we can break down below there I think we could really start to pick up momentum. In the meantime, I suspect that short term rallies will offer selling opportunities offer short-term exhaustive candles. The 0.72 level above should continue to be the “ceiling” in the markets right now.