NZD/USD Forecast November 23, 2016, Technical Analysis

The Kiwi dollar fell during the day on Tuesday as the previous uptrend line has offered quite a bit of resistance. Because of this, the market looks as if it is going to try to reach down towards the 0.70 level again. The market will continue to be very sensitive to the commodity markets, which of course are taking a bit of a beating due to the strengthening US dollar anyway. With this, I believe that we will eventually break down below the 0.70 level, and perhaps continue to sell off even further.