NZD/USD Forecast March 2, 2017, Technical Analysis

The New Zealand dollar fell significantly during the session on Wednesday, testing the 50% Fibonacci retracement level. We found enough support there to turn things around and bounce a bit, but at this point I think that we are still essentially consolidating overall. I believe that buying could be done, but you must do a from a short-term perspective currently. If we can break down below the bottom of the candle for the day on Wednesday, the market will then reach down to the 61.8% Fibonacci retracement level. Ultimately though, we are still in an uptrend, and should then reach towards the 0.7350 handle. Pay attention to commodities, that will influence this pair.