NZD/USD forecast for the week of August 7, 2015, Technical Analysis

The NZD/USD pair initially fell during the course of the week, testing the 0.65 level. With that being the case, we found enough support down there to turn the market around and form a hammer. The previous candle was a shooting star, so this shows that there is quite a bit of confusion at the moment. We believe that short-term traders will be in control of this market, keeping this very range bound and tight going forward, thereby keeping this market out of the hands of longer-term traders in the meantime.