NZD/USD Is Consolidating

Like all USD-related pairs NZD/USD was seriously affected by the fundamentals last Friday, and the pair fell with over 150 pips, reaching a support at 0.7210 and bouncing off of it after forming a doji candlestick above that level on the four-hour time-frame. The pair has been consolidating ever since, despite a second attempt to break below 0.7210 and it appears that there will soon be another move to the downside, if we take the new doji candlestick formed on the four-hour time-frame below the resistance at 0.7260 into consideration. Whether or not the pair will break below the support at 0.7210 remains to be seen, but if it does there will likely be a further move to the downside towards 0.7130 – 0.7120.