- NZD/USD slips below but hovers close to the 0.73 handle, the pair sees minor correction after rallying to multi-month highs last week.
- US dollar broadly muted in the Asian session as dust settles over unexpectedly upbeat NFP data on Friday.
- The Kiwi’s attempts to recover from daily lows at 0.7279, but fails once again below 0.73 barrier, some consolidation at current levels likely before the next leg higher.
- Weakness only below 5-DMA at 0.7220, break below could see test of 0.7125 (trendline).
- On the upside breakout above 0.73 could see gains upto 0.7740 (Apr 13, 2015 high). Next immediate target above 0.73 lies at 0.7395 (May 22nd high).
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-extends-overnight-gains-on-track-to-test-073-levels-233275) has achieved all targets.
Recommendation: Watchout for breakout above 0.73 to go long, target 0.7395/ 0.74/ 0.7445/ 0.75
