The New Zealand dollar rallied significantly last week to break above the 0.70 level. The market is forming some type of bullish pennant, or perhaps even a falling wedge. Either way, the market is suggesting that it could break out to the upside. If we can break above the previous week high, then I think that the New Zealand dollar has a high likelihood of looking towards the 0.74 handle. To the downside, the 0.69 level continues offer support.