NZD/USD Forecast January 24, 2017, Technical Analysis

The New Zealand dollar rallied on Monday, showing signs of strength, and reaching towards the 0.7250 level. Ultimately, the market looks as if there is quite a bit of resistance there, and with that being the case we could get an exhaustive candle to start selling. On the other hand, if we break above there and close above there on the daily chart, we should then reach towards the 0.7350 level above. The market is a bit overbought at the moment, so it looks likely that we will have volatility regardless of what happens next.