New Zealand Dollar is one of the better performers this week, together with Australian and Canadian. Nevertheless, it’s just stuck in range against Dollar for now. NZD/USD is extending the range pattern from 0.6879. The failure to break through 55 day EMA firmly is keeping near term outlook mildly bearish.
Overall, price actions from 0.7463 are seen as correcting the whole up trend from 0.5467. Downside momentum is diminishing as seen in daily MACD. Hence, in case of another fall, strong support would likely be seen from 38.2% retracement of 0.5467 to 0.7463 at 0.6701 to contain downside. On the upside, break of 0.7104 resistance will suggest that the correction has completed and bring stronger rebound back to 0.7315/7463 resistance zone.
