TechnoMeter

The New Zealand Dollar is attempting a cautious recovery against its US namesake but overall positioning continues to hint the path of least resistance favors the downside. The currency found interim support near the 0.72 figure but a series of lower highs and lows defining the near-term trend remains intact.



An immediate upside barrier comes in at 0.7332, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a challenge of the 0.7428-34 area (38.2% level, September 20 high). Alternatively, a move below the 38.2% Fib retracement exposes the 50% threshold at 0.7109.

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