NZD/USD Forecast April 21, 2017, Technical Analysis

The New Zealand dollar initially rally during the day on Thursday, but turned around to form a shooting star. It looks as if a breakdown below the 0.70 level should send this market looking for the 0.6925 handle. Alternately, if we break above the top of the candle that would be a very bullish sign and could send this market looking for the 0.7150 level above. Either way, I think this is going to be a very choppy and volatile marketplace, and quite frankly I’m perfectly content to sit on the sidelines.