NZDUSD (0.7291): The New Zealand dollar followed a bullish engulfing pattern on the daily charts yesterday as price rallied to a 4-month high. NZDUSD closed at 0.7294. The strong breakout from the falling trend line suggests an imminent pullback in the near term. Support is seen at 0.7160 which could be tested in the medium to short term period. However, as long as NZDUSD remains firm above 0.7294, we expect to see further gains coming in store.
