The bullish uptrend on NZDUSD broke down middle of Nov, since this time it has been ranging sideways.

The fundamentals long term for the NZDUSD remain bullish, however it is currently overbought, and is riding the coat-tails of the AUDUSD, and the improved outlook of the Australian economy.

End of 2010 I see the NZD hitting 0.80 again, but in the the next two months we should revisit the 0.70 mark making pushing 0.69 again.

I currently have a small short position on the NZDUSD from 0.7420. There are support levels at 0.73 and 0.71 on the way down, and will reduce the position by one third as we hit these levels. I have stops in place at 0.7450 and 0.7460 close half the position if I am wrong.