NZD/USD Price Forecast August 24, 2017, Technical Analysis

The New Zealand dollar fell apart during the day on Wednesday, slicing through the lows of the previous session, and reaching down towards the 0.72 level. If we can break down below that level, the market should probably go looking towards the 0.71 handle underneath. Alternately, we could rally but now that we have made a “lower low”, it’s likely that the sellers are going to be very interested in shorting this market on the first signs of exhaustion. Pay attention to commodities, as the overall attitude of commodities will move the New Zealand dollar. There is a high correlation between the NZD and the CRB Index, as it is a way to measure commodities in general. Typically, the 2 markets will move in a similar manner.

NZD/USD Video 24.8.17