NZD/USD Forecast January 31, 2017, Technical Analysis

The New Zealand dollar initially fell during the day on Monday, but turned around to form a hammer. I believe that the market will then reach towards the 0.7350 level, and face quite a bit of resistance there. If we can break down below the 0.72 level, the market should then continue to go lower. No matter what happens, I think the one thing you can probably count on is going to be the New Zealand dollar being volatile. I prefer the upside now though, because there is such an explosive moved to the upside over the last couple of weeks.