NZD/USD Forecast January 5, 2017, Technical Analysis

The New Zealand dollar initially fell on Wednesday, turning back around to show signs of support later in the day. However, I still see the 0.70 level as massively resistive, so an exhaustive candle in that area could be a nice selling opportunity and what has been a longer-term downtrend. We are oversold in general, so it makes sense that at the very least we would consolidate, if not find a bit of a bounce. Longer-term, I still believe that the New Zealand dollar will fall, and I also believe that the target is closer to the 0.68 handle.