NZDUSD (0.7376): The New Zealand dollar has stayed flat with prices consolidating near the 0.733 level. This potentially suggests that the upside could be exhausted. A major event catalyst could validate a downside move. This could come from today’s FOMC meeting. Support for NZDUSD is seen at the technical level of 0.7160 that could be tested in the event that the kiwi dollar slips lower. Below 0.7160, another support level at 0.6943 could be in focus. Alternately, in the event that NZDUSD manages to bounce off the current levels, the currency pair will need to advance above January 24 highs at 0.7407 to maintain further gains.
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