To learn more click here
NZD/USD had a slightly bullish week over the last five sessions, but managed to form a shooting star. We are currently at the top of a massive consolidation area between 0.74 and 0.82, and as such looks like we could begin to fall back towards the bottom of the range. However, it should be noted that there are quite a few support levels on the daily chart just below where we are. Because of this, we feel that there will be easier trades to take than shorting the New Zealand dollar.
Looking forward, we would be willing to short on a break of the 0.78 level as it would open up the door to 0.74 in short order. As far as going long, we need to see the 0.84 level overtaken on at least the daily close in order to consider it.