NZD/USD:The daily close below 0.7200 several days back confirms a shift in the structure and now puts the focus back on the downside, with the market looking to establish back below the 200-Day SMA. Next support comes in by 0.6945, which guards against some medium-term support by 0.6800 further down. In the interim, any intraday rallies should be well capped ahead of 0.7150 on a close basis.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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