NZD/USD Forecast November 21, 2016, Technical Analysis

The New Zealand dollar tried to rally initially on Friday, but then turned around to form a very negative candle. The shooting star sitting on top of the 0.70 support level is a very negative sign in my estimation, and as a result it’s likely that we will continue to go lower from here. The previous uptrend line that was the bottom part of the uptrend channel should offer quite a bit of resistance. With this, I believe that selling is the only thing you can do when it comes to the Kiwi dollar. I have no interest whatsoever in buying.

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