NZD/USD Forecast February 1, 2017, Technical Analysis

The New Zealand dollar rallied against the US dollar during the session on Tuesday, as we slammed into the 0.7350 handle. This is an area where expect to see quite a bit of resistance, so the market very well could pull back from here to build up the momentum necessary to trying to break out above there. Ultimately, I believe that the 0.72 level now offers quite a bit of support so it’s likely that the market will be very choppy and the short-term, and eventually once we break above the 0.7350 level, the market should then go to the 0.75 handle after that.