NZD/USD Forecast February 23, 2017, Technical Analysis

The NZD/USD pair went back and forth during the day on Tuesday, as we continue to test support just below at the 0.7150 level. A break above the top of the hammer from the session on Tuesday should send this market higher, perhaps reaching towards the 0.7250 level above. Because of this, I am bullish and I believe that if you see some strength in most of the commodity markets, and general the New Zealand dollar should follow. I have no interest in shorting, we have found quite a bit of support below the 50% Fibonacci retracement level.