The overnight washout on the back of the US involvement in the Iran/Isreali conflict, sent the NZDUSD sharply lower. The tumble sent the pair into a well supported swing zone (0.5900-0.5882) and tagged the May extreme low at 0.5882. Dip-buyers stepped in aggressively as the dollar buying turned to dollar selling with Fed Bowman's dovish comments, lower yields and then the dud of a retaliatory strike against US military base in Qatar. The pair has now retraced the entire move lower and is higher on the day (the current price is at 0.5971 vs the close on Friday at 0.5961). The price is also back above the 50% midpoint of the move up from the May low to the June high at 0.5966.

For the rally to gather traction, the pair now needs to stay above the 50%回撤位在0.5966及以下，为上周交易0.5958的波动低点。Staying above, keeps the buyers in firm control and buyers can work toward the100小时均线为0.5985，随后突破38.2%至0.5995。200小时MA为0.6013，应为 the next logical cap on the topside.

Conversely, move below 0.5958 – the most recent breakout shelf – would tilt the bias more to the downside. A failure there would undermine the rebound and expose the 61.8 % retrace at 0.5938, with the door then re-opening toward the 0.5900面积.