NZD/USD Forecast March 23, 2017, Technical Analysis

The New Zealand dollar fell initially during the day on Wednesday, but found enough support at the 0.70 level to turn things around and form a hammer. This suggests that there is going to be a certain amount of consolidation in this area, and thus I’m going to stay on the sidelines. However, short-term traders could go back and forth between the 0.71 handle on the top and the 0.70 level on the bottom. Until we break out of this area, it’s can be difficult to trade this market for anything more than a short-term scout.