NZD had a great fall against USD after the spike toward 0.7375 area. As USD is weaker among the other majors but it is quite dominating in this pair. Today, NZD official rate was announced which was found to be unchanged at 1.75% but after the press conference and RBNZ governor wheeler speaks about the monetary policy in Wellington today NZD is already losing more ground against the USD. A good amount of volatility is also expected after the Unemployment claims of USD is going to publish today and if the news comes positive toward USD we might see more downward move in this pair soon.
Now let us look at the technical view, currently market is volatile and already showing some counter trend move against the NZD. The price has broken below 0.7230 level and if the price daily close below the 0.7230 level then we will be looking forward for a downward target at 0.6950 and on the other hand if we see bearish rejection off the level 0.7230 then we will be looking forward to buy with a target toward 0.7450.
