NZD/USD Forecast November 17, 2016, Technical Analysis

The NZD/USD pair fell initially on Wednesday, but bounced after showing signs of support. This of course ended up forming a nice looking hammer, which is a bullish sign. It looks as if the 0.70 level is going to be massive support so he bounds isn’t necessarily a huge surprise. If we can breakdown below the 0.70 level however, they could be very negative sign. Even if we do get a bit of a bounce, it’s likely to be short-term at best. Any rally at this point in time should show signs of exhaustion that you can start selling after the fact.