NZD/USD Forecast October 7, 2016, Technical Analysis

The NZD/USD pair initially fell during the course of the day on Thursday, but bounced enough to form a bit of a hammer. Ultimately though, I think it’s not until we break above the 0.72 level that you can start buying. Even then, it’s going to be a short-term opportunity at best. A break down below the bottom of the hammer would be a selling opportunity and should send this market looking to the 0.70 level, an area that I think is massively supportive. With that being the case, you will have to wait until the jobs number comes out the place to trade more than likely.

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