NZD/USD Forecast October 27, 2016, Technical Analysis

The NZD/USD pair initially tried to rally during the course of the session on Wednesday, but turn right back around to form a significant amount of a shooting star. Ultimately though, the one thing that I can recognize is that the 0.72 level above is resistive, but I also recognize that there is the possibility of support based upon the uptrend line below. With this being the case, I think we need to see some type of impulsivity in order to suggest a potential trading opportunity. At this point, I am on the sidelines at this point.