NZD/USD Classical Technical Report 07.27

Any sign of an intermediate top in this market is looking less pronounced with the price surging to fresh post float record highs beyond 0.8700. However, we still consider the overall price action to be quite stretched and would therefore be looking for yet another topside failure ahead of an eventual bearish decline and shift in the overall construct of the market. Still a break back below 0.8600 will be required at a minimum to alleviate immediate topside pressures and open the door for a short-term corrective pullback.