NZD/USD Forecast May 1, 2017, Technical Analysis

The New Zealand dollar fell slightly during the day on Friday as we continue to see support at the 50% Fibonacci retracement level. The 0.6850 level continues to be supportive, as it was resistive in the past. If we can break down below there I think that the market will drop down. A bounce from here should send the market towards the bottom of the symmetrical triangle that we broke down below, where I would expect to see resistance. This will be a very interesting market, but currently it looks as if it is negative.

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