NZD/USD Forecast March 3, 2017, Technical Analysis

The NZD/USD pair broke down during the day on Thursday, breaking down below the 50% Fibonacci retracement level. The market will more than likely continue to find support below, and it appears that the 61.8% Fibonacci retracement level is offering support. However, if we do break down below there I think that the neck support level is at the 0.70 handle. I will wait until we get a supportive candle to take advantage of that potential move though. Currently, I believe the market needs to reset, as we have blown through so much support.