NZD/USD Forecast February 7, 2017, Technical Analysis

The New Zealand dollar initially rallied on Monday but found enough resistance near the 0.7350 level to turn things around and form a negative looking candle. Because of this, it looks as if we are going to continue to consolidate between the 0.7350 level on the top, and the 0.72 level on the bottom. Because of this, I think that short-term trading will be the way to go, going back and forth on short-term charts. A breakdown below the 0.72 level will more than likely send the New Zealand dollar looking for support at the 0.71 handle.

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