NZD/USD Forecast February 24, 2017, Technical Analysis

The New Zealand dollar initially fell during the day but turned around to show signs of strength as we slammed into the 0.7250 level above. That’s a resistive barrier that should continue to offer trouble but if we can break above there, the market will probably then reach to the 0.7350 level above there that is resistance. The 38.2% Fibonacci retracement level below offered support, as the 50% Fibonacci retracement level has as well. I believe that given enough time the buyers return but right now it looks as if we have a little bit of work to do.

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