NZD/USD Forecast February 21, 2017, Technical Analysis

The New Zealand dollar initially fell on Monday but found enough support below the 0.7150 level to turn around and form a hammer. If we can break above the top of the hammer, the market should then reach towards the top of the shooting star from Thursday. Once we get above there, we will then reach towards the 0.7350 level. Ultimately, this is a market that has pulled back to test the 38.2% Fibonacci retracement level, and looks like it could be getting ready to go higher. I’m not interested in selling.