NZD/USD Forecast November 24, 2016, Technical Analysis

The New Zealand dollar initially tried to rally during Tuesday, but turned around and fell significantly. The reason I think it significant is that we are testing the 0.70 level, an area that obviously has a lot of psychological importance associated with it. Because of this, I am looking for short-term rallies that I can sell on signs of exhaustion, and of course a significant breakdown below that level. Keep in mind that the New Zealand dollar tends to be very sensitive to the commodity markets. Because of this, we could have outside influence and volatility enter this pair.