NZDUSD (0.6948): The New Zealand dollar extended gains for three consecutive days. Price action managed to remain supported above the short term price level of 0.6911. Resistance is seen at 0.6981 which could be the near term upside target in price. The breakout to the upside from the triangle consolidation pattern potentially suggests further scope for gains in NZDUSD. This will however change in the event that the kiwi slips back below the 0.6911 level. We expect to see support being formed near this level ahead of further gains towards 0.6981.
