NZD/USD Forecast January 10, 2017, Technical Analysis

The New Zealand dollar rallied on Monday, breaking above the 0.70 level on signs of strength. However, I feel that there is only a matter time before the sellers get involved and we turn right back around. An exhaustive candle is reason enough to short this market, as the US dollar continues to be one of the strongest currencies in the world. I believe that we will reach down towards the 0.68 level underneath. Ultimately, pay attention to the overall attitude of commodity markets, as they tend to have a significant amount of influence on this currency.

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