The NZD/USD broke lower out of a rising channel formation dating back to late May lows and gained momentum in North American trading after the release of strong US retail sales. The early week failure at new highs, combined with the technical break signals a broader reversal is potentially taking place. The pair is on track to post a bearish engulfing weekly candle, following strong gains over the past six weeks. While there has not been a fundamental shift this week for the Kiwi, ongoing concerns over the overheated housing markets continue to weigh heavy on the economy. The NZD/USD has been bullish as of late. The ... (full story)