NZD/USD: The latest rally above 0.7200 is classed as corrective, and although overall price action remains quite choppy, we retain a bearish bias and recommend looking for opportunities to sell into rallies. The market has been very well capped ahead of 0.7400 over the past several weeks, and as such, any additional rallies beyond 0.7300 are not seen as sustainable with the greater risk for a bearish reversal. In the interim, key levels to watch above and below come in by 0.7260 and 0.7095 respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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