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Karen Jones, analyst at Commerzbank, explains that the NZD/USD has again failed ahead of the December and current February highs at .6943/70 neutralising its immediate outlook.

Key Quotes

“Provided that the .6706 January 22 low and the January 9 low at .6692 continue to hold on a daily chart closing basis, we will retain our bullish forecast and continue to target the December peak at .6970 and the minor psychological .7000 mark.”

“Support below the January 9 low at .6692 comes in at the January low at .6589. Only an unexpected bearish reversal and fall below this level would put the .6500/.6424 September and October lows on the cards. This is not our preferred scenario and instead we expect to see further upside.”