NZDUSD (0.7155): The New Zealand dollar managed to complete its rally to the target area of 0.7160. Price action is showing some signs of exhaustion to the rally at this level. This is seen by the lower highs formed on the Stochastics oscillator. A convincing close below the previous low of 0.7144 could confirm the downside bias in price. The first support level that could be targeted comes in at 0.7062 which could mark the initial correction. However, further declines cannot be ruled out if price breaks down below this support. Expect to see a modest rebound off the 0.7062 with NZDUSD likely to make a lower high ahead of further declines to 0.6917.
