NZD/USD Forecast March 27, 2017, Technical Analysis

The New Zealand dollar initially fell during the day on Friday but found enough support below the 0.70 level to turn things around and form a hammer. However, the weekly candle is a shooting star so I think we are witnessing more bearish pressure than bullish. If we can break down below the bottom of the hammer from the Friday session, I think that the market will reach towards the 0.69 handle. However, if we can break above the shooting star from the Tuesday session, the market will then reach towards the 0.72 handle above.

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