Data released earlier showed that NZ’s June Business Confidence jumped to 20.2 from 11.3 in May, the highest since December.
The pair finds strong support at 0.7070 (rising and 5-DMA), break below could accentuate downside.
Next support below 0.7070 is seen at 0.7059 (20-DMA) and then 0.7040 (June 29th low).
On the flipside, resistance is seen at 0.71, 0.7136 (June 29th high) and then 0.7148 (June 9th high).
Trade idea: Go short on breaks below, SL: 0.71, TP: 0.7055/ 0.7020
Further weakness could see test of 0.6980