New Zealand dollar completes the roundtrip and then fades. Trade balance next.

NZD/USD hits one-month high and then retraces

The New Zealand dollar has been on a two-week climb from 0.6825 and the pair touched 0.7047 today.

The high exactly matches the high on April 24, which was when a three- week selloff began.

After touching the high, the sellers swooped in as part of a broad US dollar rally. The pair turned around and is now trading at 0.7014.

Look for support at the early-May high of 0.6969 as the pair consolidates in the days ahead. One big risk is the New Zealand trade balance report at 2245 GMT.