NZD/USD Price Analysis: Invalidates bearish pattern with a move above 0.6650
|- NZD/USD trades in the green above 0.6660 in Asia.
- An hourly chart falling wedge breakout suggests scope for further gains.
NZD/USD is trading at 0.6663 at press time, representing a 0.40% gain on the day.
The move above 0.6650 has invalidated the hourly chart double top breakdown, a bearish reversal pattern, confirmed last week, and strengthened the bullish bias put forward by the falling wedge breakout witnessed on Friday.
As such, the pair looks set to challenge the recent high of 0.6690. Supporting the bullish case is the above-50 reading on both the daily and hourly chart relative strength indices.
On the downside, the previous week's low of 0.6614 is the level to beat for the bears.
Hourly chart
Trend: Bullish
Technical levels
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