NZD/USD Forecast June 15, 2017, Technical Analysis

The New Zealand dollar rallied initially during the session on Tuesday, breaking above the 0.73 level. This is a very bullish sign, and I believe that there should be some follow-through, but the Federal Reserve may have something to say about that. I believe that the 0.72 level below will be massively supportive, so it’s only a matter time before the buyers get involved. I expect pullbacks to be looked at as value, and that’s probably the best way to play what looks to be a very impulsive session. That’s not to say that the market will be a bit cold at the 0.73 level, but experience tells me that being patient will probably be how you make your money in this market. I believe that eventually we will continue to grind much higher.
Buying dips
Ultimately, in a long-term uptrend, it’s best to buy dips as it gives you a better entry, and it also allows you to build up a larger position. This is something that I have been exploring more and my trading as of late, and the New Zealand dollar is a good example of a market that should offer that opportunity soon. The market could very well go looking towards the 0.75 level above, which of course was important on longer-term charge. I believe that a break above their sense of market even higher, but first thing is first, we need to get there. I believe that there will be a lot of volatility, but if the Federal Reserve suggests that they are a bit concerned about the economy, that could have traders betting that there are going to be less interest rate hikes going forward, which we are already starting to see. That should be very helpful indeed.
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