NZDUSD has been in a multiweek consolidation pattern and is looking for a breakout. The consolidation has been in a triangle pattern, with one trendline being broken and re-tested as shown on the left chart. The second upper trendline could be valid, but it is hard to tell based on limited data.
NZDUSD appears to be entering a breakout long, with bullish MACD and RSI. USD weakness expected in the near-term to propel NZD higher.
However, these types of consolidation patterns can break out either way, so watch for potential break of bottom trendline to find support.
Target: 0.74 into strong weekly resistance as shown on right weekly chart.
NZDUSD appears to be entering a breakout long, with bullish MACD and RSI. USD weakness expected in the near-term to propel NZD higher.
However, these types of consolidation patterns can break out either way, so watch for potential break of bottom trendline to find support.
Target: 0.74 into strong weekly resistance as shown on right weekly chart.