Kiwi has been on a quite a bull run since mid May. U.S. dollar weakness appears to have been the main driver. The pair has posted four consecutive green weeks and surged above the channel trendline on Wednesday.

Those prices were not sustained and Kiwi pulled back sharply. A period of consolidation and/or correction seems to be the most likely scenario. 0.7170 - 0.72 is the immediate support band. 0.7225 - 0.7250 is the resistance.

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