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NZDUSD Techinical Analysis: Buying dips still preffered

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
After another impressive run last week the Kiwi has come under pressure around the 0.7300 level – failing to advance higher for the second time.

Looking at the 4h chart, next line of support comes in at 0.7215 followed by 0.7150 and the 0.7100 region.

The short term outlook continues to look bullish and buying dips is our preferred strategy unless price manages to fall below the 0.6964 area which has had solid support since June 14th.

Last week Reserve Bank of New Zealand (RBNZ) Deputy Governor Grant Spencer noted that further rate cuts could pose a risk to financial stability.

The RBNZ said it was concerned about a severe housing correction that would pose real risks to the financial system and the broader economy.

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