NZD/USD Forecast December 29, 2016, Technical Analysis

The NZD/USD pair when higher at the open on Wednesday, but did give back some of the gains once we got above the 0.69 level. The market looks as if it is trying to roll over, but at this point I feel that it is going to be a choppy affair. Keep in mind that the currency tends to move in accordance to the overall “attitude” of the commodity markets, so there are a lot of forces at work when it comes to the Kiwi dollar. However, the one thing that is obvious is that we are in a negative downtrend, and that of course means that sellers have the upper hand. I am willing to sell signs of exhaustion as I believe the market is going to reach towards the 0.68 handle below.