NZD/USD Forecast September 8, 2017, Technical Analysis

The New Zealand dollar initially tried to rally during the day on Thursday, then pulled back below the 0.7175 handle, where it found plenty of buyers, and then after that shot even higher. Ultimately, the market should continue to go higher. This is because we have seen so much in the way of a base underneath, as the 0.7150 region has offered so much in the way of support. I think that the market will go looking towards the 0.7275 handle, perhaps even the 0.73 level. Keep in mind that the New Zealand dollar is highly sensitive to commodity markets, and that of course will play on the minds of traders in this currency pair. The US dollar has been a bit soft lately, and if it’s more of a “risk on” type of situation, this pair should continue to climb.

NZD/USD Video 08.9.17