NZD/USD Price Analysis: Consolidates in a narrowing price range

NZD/USD's hourly chart shows a contracting triangle pattern.
A breakout would validate the bullish pattern seen on the daily chart.

Omkar Godbole FXStreet Contributor

NZD/USD has created a narrowing price range over the past 48 hours or so, marking a weak follow-through to a bullish falling channel breakout confirmed by Thursday's 0.51% gain.

The immediate bias will remain neutral as long as the pair is trapped in the contracting triangle (narrowing price range) seen on the hourly chart. A move above the top end of the triangle, currently at 0.7212, would validate the daily chart falling channel breakout confirmed last week and open the doors for a re-test of the Jan. 6 high of 0.7315.

Alternatively, a range breakdown would shift risk in favor of a drop to the Jan. 18 low of 0.7096.

Daily and hourly charts

Trend: Neutral

Technical levels

NZD/USD

Overview
Today last price	0.7189
Today Daily Change	-0.0007
Today Daily Change %	-0.10
Today daily open	0.7196

Trends
Daily SMA20	0.7168
Daily SMA50	0.7093
Daily SMA100	0.6883
Daily SMA200	0.6651

Levels
Previous Daily High	0.7217
Previous Daily Low	0.7171
Previous Weekly High	0.7226
Previous Weekly Low	0.7096
Previous Monthly High	0.7241
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7199
Daily Fibonacci 61.8%	0.7188
Daily Pivot Point S1	0.7172
Daily Pivot Point S2	0.7148
Daily Pivot Point S3	0.7126
Daily Pivot Point R1	0.7219
Daily Pivot Point R2	0.7241
Daily Pivot Point R3	0.7265

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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