NZDUSD defends previous lows


The New Zealand dollar, also known as the Kiwi, was trading flattish during the US session, but it managed to erase today's losses suffered earlier in the day. At the last check, the pair was trading at around 0.6440.

The NZDUSD pair has been consolidating over the previous days after the massive rally, which brought the pair nearly six figures higher. 

The lows of this consolidation period are at around 0.6390 and this support was tested today - it has held so far. That means the medium and short-term uptrends should still be intact and pointing to higher prices in the near future. 

Bears will be defending the 0.6450 resistance and if the price rises through this level, we could see a rally toward the 0.65 area, where last week's highs are converged with the critical long-term bearish trend line. 

Alternatively, if the 0.6380/90 support is not held, stop-losses of long positions will be hit, which might derail the current bullish sentiment and a larger decline might follow. The next target for bears would most likely be at 0.6240.
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