NZD/USD Update – 11/12/2017 (08:30am) – by Arjun Lakhanpal

NZD/USD Update – 11/12/2017 (08:30am): Kiwi saw a rally overnight.. On the charts, the short-term range bias continues to develop but struggles against key resistance levels maintain the downside risks. We continue to monitor the .6930/80 zone, which includes the November highs, before the important .7030/50 area (38.2% retracement and October breakdown). Above the latter would suggest a better tone and increased risk of a deeper corrective phase especially given the potential short-term basing pattern. We view the .6780/42 support zone as the critical test, and it should help define whether the downside risks are back on track.