Although the single currency has rebounded to 1.3417 in New Zealand on short-covering, subsequent retreat suggests the corrective upmove from last week's one-year low of 1.3201 has possibly ended there and consolidation with downside bias would be seen for weakness to 1.3291 and then 1.3270, however, a daily close below there is needed to confirm medium-term downtrend from last year's high of 1.5145 has once again resumed for re-test of said support.    On the upside, a breach of 1.3417 would bring stronger retracement towards 1.3447 resistance before prospect off another decline.