FXstreet.com (Barcelona) - New Zealand Dollar's retreat from 0.7635 has reached levels below 0.7500, although, according to Chris Capre, technical analyst at Second Skies, the pair continues on the upside targeting levels close to 2008 highs.

On a mid-term perspective, Capre observes the pair holding well on the upside: The pair breezed through the 61.8% & 78.6% fibs of the 2008 drop and momentum is still hanging around the upper regions so we feel the pair will likely gain this week.

On the near-term, Capre points out to 0.7645 and 0.7900: Upper resistance levels to watch are last weeks high around .7645 and .7900. After that, we feel .8000 will be under serious threat if the garrison of spears and shields waiting for them there are breached. Beyond that, there is not much left except the 2008 highs.