NZD/USD Forecast December 28, 2016, Technical Analysis

The New Zealand dollar had a quiet session on Tuesday, as we continue to hover just below the 0.69 handle. The market has recently broken down below a psychologically significant number in the form of 0.70, so I think we do continue to go lower over the longer term that we may need a short-term bounce in order to pick up the momentum necessary to go down to the 0.68 handle. Certainly, commodities look a bit mixed now and that of course will work against the New Zealand dollar overall, as the Federal Reserve looks to raise interest rates several times this year.