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The NZD/USD pair managed to poke above the 0.80 level during the previous week, only to be turned around to form a shooting star. Now we see a pattern of a shooting star, hammer, and then finally a shooting star for this previous week. This suggests to us that we are going to see consolidation, not a melt up or meltdown.
It appears that the 0.78 level below is going to be supportive, and as such we think that the downside will be protected by the supportive barrier between 0.78 and 0.79, as it has been over the last month or so. As for long-term trades, this market may not be the one to look at.