NZD/USD Forecast November 25, 2016, Technical Analysis

The New Zealand dollar initially fell on Thursday but found enough support to turn things back around and formed a hammer. The hammer of course is a very bullish candle, and suggests that perhaps we could get a bit of a bounce from here. This is ultimately a market that has been struggling, so I think that if we can break down below the bottom of a hammer, that would be an excellent selling signal. A short-term bounce could be taken advantage of but I believe the 0.71 level could be resistive.

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