NZD/USD Forecast March 7, 2017, Technical Analysis

The NZD/USD pair went back and forth during the day on Friday, and if we can break above the top of the range, I believe that the market will go higher, bouncing towards the 0.7150 level. Below, I think that the 0.70 level offers quite a bit of support so I’m not willing to sell. I need to see the resistance above broken to go long. The meantime, expect quite a bit of volatility but you should also keep in mind that the New Zealand dollar is highly influenced by the general attitude of commodity markets and therefore you must keep an eye on them.