NZDUSD (0.7274): The NZDUSD maintained strong gains last week as price closed at a four month high of 0.7259. However, the doji close on Friday could indicate some profit taking resulting in a short term correction. With the daily trend line being breached, NZDUSD could revisit the breakout level around 0.7160. Establishing support at this level could validate further upside gains in the currency pair. At the same time, if NZDUSD fails to find support, we could expect to see a deeper correction that could push price down to the 0.6944 region.
