NZD/USD Forecast October 18, 2016, Technical Analysis

The NZD/USD pair right higher broke higher during the course of the session on Monday, clearing the 0.71 level and breaking above the top of the shooting star from the Friday. That of course is a very bullish sign, but I think that the 0.72 level above is massive resistance, because it has been so supportive in the past. Because of this, I believe it’s only a matter of time before we run into quite a bit of selling, and as a result I’m looking for exhaustion near that area to get involved yet again.