NZD/USD Forecast April 6, 2017, Technical Analysis

The New Zealand dollar initially tried to rally on Wednesday but found resistance at the previous support and then fell apart. Because of this, I feel that the market is probably going to reach towards the 0.69 level over the next session or so. I believe that the New Zealand dollar will continue to test support below there, and if we can break below the 0.6850 level, that would be a very bearish sign. Until then, I’m looking for small shorts only and don’t believe that a longer-term trade happens until we break back above the 0.70 level.