NZD/USD: Although it is less prominent than in Aud/Usd, the market here has also arguably carved out a major double top that ultimately projects a fresh wave of declines down towards 0.6500 over the coming weeks. But daily studies are in the process of unwinding from oversold, so from here, we would not rule out the potential for additional short-term upside. However, any rallies should be well capped by 0.7100 ahead of renewed weakness.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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