The market (myself included) has been trying to pick a top in the NZD, especially against the AUD where the Kiwi is trading at close to historical highs. We almost formed a nice basing pattern in the AUD/NZD, only to reverse at the last minute. Now we are nearing important technical (daily lows and recent trend-line) and psychological support levels near 1.0750. My gut-feeling is that a few daily closes below these levels will drive the bottom-picking bulls out in sheer frustration.
On the day, I’d look to trade something like a 1.0735/1.0815 range.