NZD/USD: The latest rally above 0.7200 is classed as corrective, and although overall price action remains quite choppy, we retain a bearish bias and recommend looking for opportunities to sell into rallies. The market has been very well capped ahead of 0.7400 over the past several weeks, and as such, any additional rallies beyond 0.7300 are not seen as sustainable with the greater risk for a bearish reversal. In the interim, key levels to watch above and below come in by 0.7260 and 0.7095 respectively.

(RTTNews) - During early Asian trading on Wednesday, the New Zealand dollar lost ground against its major rivals and reached multi-day lows versus the currencies of the U.S., Japan and Australia.

The NZ dollar fell to a 6-day low of 60.02 against the yen and a 5-day low of 0.7175 against the US dollar around 9:05 pm ET and this may be compared to Tuesday's New York session closing values of 60.36 and 0.7198, respectively.

The New Zealand dollar is presently quoted at 60.05 against the yen and 0.7178 versus the greenback. The next downside target for the kiwi is seen at 59.60 against the yen and 0.7140 versus the greenback.

NZD/USD: The latest rally above 0.7200 is classed as corrective, and although overall price action remains quite choppy, we retain a bearish bias and recommend looking for opportunities to sell into rallies. The market has been very well capped ahead of 0.7400 over the past several weeks, and as such, any additional rallies beyond 0.7300 are not seen as sustainable with the greater risk for a bearish reversal. In the interim, key levels to watch above and below come in by 0.7300 and 0.7175 respectively.

NZD/USD:The daily close below 0.7200 several days back confirms a shift in the structure and now puts the focus back on the downside, with the market looking to establish back below the 200-Day SMA. Next support comes in by 0.6945, which guards against some medium-term support by 0.6800 further down. In the interim, any intraday rallies should be well capped ahead of 0.7150 on a close basis.