NZD/USD Forecast January 12, 2017, Technical Analysis

The New Zealand dollar initially fell on Wednesday but turned around to show signs of life again. We continue to consolidate, but given enough time I think we could break out to the upside. However, I believe there is a massive amount of resistance above that will eventually turn the market back around. An exhaustive candle is a selling opportunity. In the meantime, I don’t like trading this market as they see far too much in the way of noise, negating any type of confidence I would have been in a position currently.