NZDUSD (0.7278): The NZDUSD currency pair gapped lower on the day. Intraday retracement saw prices retracing back to fill the gap but eventually price settled lower. This marks a second consecutive session of a bearish decline in price. On the 4-hour chart, with NZDUSD breaking below the 0.7333 level, we expect to see a short term consolidation at this level. If 0.7333 is retested for resistance then we can expect to see further declines for the Kiwi dollar. The NZDUSD will be seen falling towards the first support level at 0.7160. Alternately, in the event that price manages to reclaim the 0.7333 level, we could expect to see some upside momentum being built up.
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