This via the folks at eFX
Credit Suisse FX Technical Strategy Research notes that NZD/USD recent rally is likely due for a short-term correction against the strong resistance of the core bull trend at the .7376/.7404 area.
If a cap is found into this area, CS expects the pair to form a small top below .7253 to target .7198 initially, then the measured objective from the top and 38.2% retracement of the recent rally at .7160/45.
"We would expect the latter to try and hold at first. Removal of .7145 can see a deeper fall to test the 55- and 200-day averages at .7100/.7096, and potentially lower to the 50% retracement at .7082, where we see a firmer floor," CS adds.