The New Zealand Dollar shot higher as suspected, clearing falling trend line resistance and thereby hinting that the downtrend from mid-January has been overturned. Prices are probing above the 61.8% Fibonacci expansion at 0.8314, with a daily close above this barrier exposing the 76.4% level at 0.8344. Turning back below 0.8314 sees supports at 0.8289 and 0.8265, the 50% and 38.2% retracements, respectively.
Entering long seems premature absent confirmation of a resistance break on a closing basis. On the other hand, fighting what appears to be accelerating upward momentum absent a reversal signal is a dangerous proposition. As such, we will remain on the sidelines for now.