NZD/USD Forecast January 20, 2017, Technical Analysis

The NZD/USD pair rallied on Thursday, but gave back some of the gains to form a less than convincing candle. I believe that we’re going to consolidate in general right now, and therefore I’m standing on the sidelines. I think that the market will have to make some type of impulsive candle next, but I’m going to wait and see if the market is going to make a serious decision near the 0.72 level. Ultimately, I think it’s going to be easier to trade and several other currency pairs over this one.