NZD/USD Forecast February 2, 2017, Technical Analysis

The New Zealand dollar fell during the session on Wednesday, as we continue to consolidate overall. However, we have touched a significant resistance barrier during the previous session, and the 4 of the 0.7350 handle. Because of this, I think we are going to have to pull back to find more support. I find that support at the 0.72 handle, so in the short term I’m waiting to see a supportive candle were a bounce from that area to get long again. Until then, I will be on the sidelines when it comes to the NZD/USD pair.