The New Zealand dollar softens over a limited year-end risk appetite. The latest surge above 0.6830 has put the bears on the defensive. Intraday traders took profit after the RSI showed overextension.
The current flag-shaped consolidation could be an opportunity for the bulls to regroup and catch their breath. The demand zone around 0.6760 is a major level to support the rebound.
On the upside, 0.6840 on the 30-day moving average is the closest resistance. And its breach may trigger a broader rally towards 0.6920.
