NZD/USD Forecast December 6, 2016, Technical Analysis

The New Zealand dollar initially fell slightly during the day on Monday, but then shot higher and tested the bottom of the uptrend line that we have been focusing on for some time. It looks as if we are going to continue to consolidate overall, so if we can break down below the bottom of the candle for the session on Monday, I feel that we will probably reach towards the 0.70 level below, which has been massively supportive. If we can break down below there, the market should then go down to the 0.68 handle. Alternately, if we break above the top of the uptrend line that feel that the market will probably rallied to the 0.73 level.

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