NZDUSD (0.7334): The New Zealand dollar has been gradually posting a decline with price action now trading close to the 0.7333 level of support. As long as the support holds NZDUSD could remain biased to the upside. However we expect NZDUSD to consolidate within the range of 0.7388 and 0.7333 region. This sideways consolidation could see NZDUSD likely to break down to the downside targeting the lower support at 0.7160. To the upside, if NZDUSD clears the upper range of 0.7388, then we can anticipate further gains in the near term.
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