NZDUSD (0.7312): The New Zealand dollar broke past the 0.7333 level of support and this could signal a decline towards 0.7160. However, given the consolidation above 0.7333, there is scope for NZDUSD to likely retrace back above the support level. This could keep NZDUSD to remain range bound in the near term within 0.7387 and 0.7333 region. A breakout from this level will establish the trend direction. To the upside, NZDUSD could be seen posting further gains if price manages to close above the previously established higher. However, we expect to see the corrective decline towards 0.7160 in the near term.
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