NZD/USD Forecast November 22, 2016, Technical Analysis

The New Zealand dollar rallied on Monday, bouncing off of the 0.70 support level. We have a significant uptrend line just above current pricing though, and that could now be resistive. In fact, I’m waiting to see whether or not we get an exhaustive candle that we can start selling in order to build up enough momentum to finally break down below the 0.70 level significantly. If we managed to break above the 0.71 handle, at that point I would have to get rid of the previous up trending channel, and assume that the market is going to continue to go much higher.