NZDUSD (0.7211): The New Zealand dollar continues to extend the declines with the RBNZ’s dovish statement earlier this week. The reversal off the 0.7333 support turned resistance indicates a decline to the initial support at 0.7160. NZDUSD could be seen rebounding off this level. If the support holds, we anticipate a potential inverse head and shoulders pattern being formed, visible on the daily time frame. With the neckline resistance seen at 0.7333 – 0.7350, NZDUSD could be potentially consolidating for a stronger breakout to the upside. The bias is invalidated on a break down below the 0.7160 support.
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