NZD/USD Forecast July 26, 2017, Technical Analysis

The New Zealand dollar went sideways overall during the day with a slightly negative tone on Tuesday. Ultimately, this market is awaiting the FOMC Statement, so obviously this is more about the US dollar than anything else. If they sound dovish, this pair will break out to the upside and probably smashed through the 0.75 barrier above. Alternately, if the sound a bit hawkish it’s likely that this market will fall and go looking towards the 0.7350 level. In general, this is a market that continues to be volatile, but the market seems to be “leaning” to the upside, so I believe that the easier move is to the upside.

Buying supportive actions

I believe in buying supportive actions, because they are plenty of buyers underneath in my estimation, unless of course there has been some type of shift in the overall attitude and expectations of currency traders around the world. With this in mind, I am a buyer overall, unless of course the FOMC suddenly changes its attitude, which of course is possible. We will know more by the end of the session today.

NZD/USD Video 26.7.17