NZD/USD Forecast February 9, 2017, Technical Analysis

The New Zealand dollar initially fell on Wednesday, but turned around to show signs of support and bullishness. However, the Tuesday candle is a shooting star, which show signs of exhaustion overall. The 0.7350 level above should continue to be massively resistive, so it’s not until we can break above the top of the shooting star that I am comfortable buying. Having said that, I’m not going to be comfortable selling in this area as well, because I see so much in the way of support just below. I think this is a market that’s probably best left alone over the next several sessions.