NZD/USD Forecast October 31, 2016, Technical Analysis

The NZD/USD pair rose during the course of the day on Friday, showing signs of bullish pressure. The 0.72 level above continues to offer quite a bit of resistance, but then again the uptrend line below should be supportive. Ultimately, the market should go back and forth and at this point in time it’s difficult to imagine that we will break out during the day today. Ultimately, this is a market that I think we will probably have to sit on the sidelines in order to wait and see what happens next.