NZDUSD (0.7253): NZDUSD posted declines yesterday but price action has formed an inside bar as a result. This could potentially suggest a correction on a downwards breakdown. The support level 0.7160 remains the immediate level in question as it also marks the breakout from the falling trend line. A retest to this level could indicate new bullish momentum likely to emerge. On the 4-hour chart, NZDUSD could be seen posting declines on a close below 0.7260, targeting the initial level at 0.7160. If the support fails to hold NZDUSD, then we could expect to see further declines taking the kiwi dollar towards 0.6950 support.
