NZD/USD Forecast October 5, 2016, Technical Analysis

The NZD/USD pair initially tried to rally during the day on Tuesday but turned around to form a rather negative candle. It looks as if we are bouncing around to continue the overall consolidation that we’ve seen over the last several days. I still believe that the 0.72 level below is massively supportive, so with that being the case it’s likely that the market isn’t going to go anywhere anytime soon. Perhaps buying a short-term bounce could be the way to go, but that’s probably as good as it is going to get in this marketplace.

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