NZD/USD Forecast April 13, 2017, Technical Analysis

The New Zealand dollar fell during the day on Wednesday, breaking the back of a hammer from the Tuesday session. This tells me that the market has significant bearish pressure upon it, so I think were going to reach towards the 0.69 level in the short term. I think short-term rallies offer selling opportunities, and have no interest in going long of the kiwi dollar right now that it seems to be a “risk off” type of scenario around the world. Because of this, I remain bearish but I also recognize there is a significant amount of support just below, keeping this a short-term trading opportunity.

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