NZD/USD Forecast February 22, 2017, Technical Analysis

The New Zealand dollar fell initially during the day on Tuesday but found enough support near the 50% Fibonacci retracement level to turn things around and form a hammer. That of course is a bullish sign, and a break above the top of the candle during the day should send this market looking for the 0.7250 level above. I think we will eventually reach towards the 0.7350 level also, but pay attention to the commodity markets as the New Zealand dollar seems to be a general barometer of how things are going over there. The higher they go, the higher this pair goes.

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