NZD/USD Forecast October 21, 2016, Technical Analysis

The NZD/USD pair initially rallied during the course of the session on Thursday, but turn right back around to fall down to the 0.72 level. There is an area that has previously been resistive, so it should now be supportive. If we can turn this market back around at this area, it would make sense that we continue to bounce. However, a break down below the bottom of the candle would be very negative and the market could drop down to the 0.7050 level below there. Regardless, you can expect volatility in the New Zealand dollar.