NZD/USD: in consolidation as bears stack up for more downside?

NZD/USD is currently in consolidation of the recent supply from the 0.73 handle, scoring recent lows of 0.6951.

Markets got out of the bird after the RBNZ  made the headlines last week. analysts at ANZ explained that for the NZD it looks set to be a week of global focus, with the FOMC and BoJ meetings and Australian Q2 CPI the main events. "The RBNZ has knocked the NZD off its perch, but reasons for strength remain."

NZD/USD levels

NZD/USD low of 0.6951found bids to the 4hr 20 sma at 0.7003 and a break there could open a continuation of the minor recovery targeting 17th July lows of 0.7068. The 200 sma at 0.7118 is next on the bull's agenda on a break of 5th July lows at 0.7078. To the downside, 0.6892 and 0.6765 guard 0.6574 mid March lows.