NZD/USD Forecast January 18, 2017, Technical Analysis

The NZD/USD pair rallied on Tuesday, breaking above the top of the shooting star during the session on Monday, and reaching towards the 0.72 handle. This is a very bullish candle, and I see a significant amount of resistance just above. I’m a bit scared to start buying at this high level, so I feel that unless you are long of the New Zealand dollar already, is can be very difficult to start buying now. I will be watching the next couple of sessions, because if we can make a fresh, new high, and then the trend probably will have just changed again.