And this case was confirmed today by fundamentals. Despite quite positive comments from Reserve Bank of New Zealand governor, there was one negative factor for NZD. Wheeler said that a lower New Zealand dollar is needed to increase and support the stable growth.
That's not a hint, it's a clear call-to-action and message to the market - there is no use buying NZD now. And if the target is not reached, RBNZ may go even further with changes in order to weaken the national currency.
In this environment we expect further weakness for NZDUSD with initial target at 0.7170 followed by 0.7130.