NZDUSD has been trading inside a well-defined uptrend channel in the past 3 months. Along with its neighbour, we have seen the breach of NZDUSD's resistance at 0.7780-0.7800. A hold above this area will argue for a test towards 0.7900-0.7920. The next key support lies in the 0.7620-0.7650 region. The yield for the kiwi is very attractive, but we have seen intervention by the RBNZ last year. Any rapid strengthening of the kiwi should hence be treated with extra caution, especially if it rises above 0.8000.
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