NZD/USD Forecast March 15, 2017, Technical Analysis

The New Zealand dollar initially fell during the day on Tuesday but found enough support just below the 0.69 level to turn around and form a hammer. A break above the top of the hammer should send this market looking for the 0.70 level above. Alternately, if we can break down below the bottom of the range for the session on Tuesday, we should continue to go much lower. I think that this market will continue to sell off, but we are bit oversold currently. Because of this, expect volatility but I don’t have any interest in buying.