NZD/USD Forecast November 15, 2016, Technical Analysis

The NZD/USD pair eventually bounced off of the uptrend line after falling on Monday. By forming a hammer like candle it suggests that the market could bounce from here, as we are bit oversold. At this point, a break above the top of the Monday session could be a short-term buying signal but I recognize that this is a market that is going to be difficult to deal with. After all, commodity markets are getting absolutely pummeled at the moment, and there is of course quite a bit of volatility in general. If we do break down below the bottom of the candle, I don’t feel that we will sliced through the 0.70 level right away, so you can expect support there.

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