The New Zealand remains locked in a well-defined down trend against its US counterpart despite over two weeks of sideways consolidation. Price action has been marked by a clear-cut series of lower highs and lows since a reversal from triple top resistance in mid-April. From here, a daily close below support in the 0.6688-0.6726 area opens the door for a challenge of the 38.2% Fibonacci expansion at 0.6589. Alternatively, a reversal above 0.6851 – support-turned-resistance reinforced by a falling trend line – paves the way for a test of the 38.2% Fib retracement at 0.6959. Prices are too close to immediate support to ... (full story)