NZD/USD Forecast November 2, 2016, Technical Analysis

The New Zealand dollar broke higher during the day on Tuesday, clearing the top of the last several candles, but I still see a significant amount of resistance at the 0.72 level above. If we break above there, the market should continue to go higher, and perhaps even lead into a longer-term trade. At the moment though, it seems very likely that the market will bounce around and chop more than anything else. With that, I’m going to sit on the sidelines still but I am going to continue to monitor the Kiwi dollar going forward.