As already mentioned, the strong support zone seems to be in the 0.6500 - 0.6520 region, and as long as the kiwi trades above this level, the medium-term outlook appears bullish.
The US dollar might be consolidating before another leg lower, pushing the NZDUSD pair toward previous highs, or possibly even higher.
The Fed is still printing money out of thin air, which should be USD negative. Therefore, we expect another selling pressure in the near future.
Bears will be defending this week's highs of 0.6575, but if the price breaks above this level, further rally toward 0.6650 seems likely.
Alternatively, if the kiwi drops below 0.65, larger stop-losses could be hit, with the short-term trend most likely changing to bearish, targeting the 0.6450 level in the initial reaction.
