New Zealand Dollar Bullish Above .7249

We wrote Thursday that “Kiwi has been the quietest pair in the last few weeks as the decline from the top (.7491) takes on the shape of a wedge, which is a bullish pattern. A break through the top of the wedge near .7370 would signal that price is likely headed for a re-test of .7491.”

The rally from .7249 is clearly impulsive the setback from .7399 is corrective. Favor the upside and a test of .7491 as long as .7249 remains intact. Potential Fibonacci support is between .7342 and .7306.