A corrective bounce in NZDUSD

NZDUSD had a rough ride for the most part of last week. The decline was quite aggressive and leaves no room for a proper retracement play at all. However, for the new trading month, NZDUSD seems to have stabilized after hitting the low of 0.6848 last week. Going forward, a corrective bounce is in the offing which should have focus shifts to the 0.6950 region. i would not like to sell this pair at all this month as it's close to bottoming out for a real rally. For now, our focus remain 0.6950 for the week.

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Target of 0.6950 reached, short mode initiated.