- NZD/USD's hourly chart shows a contracting triangle pattern.
- A breakout would validate the bullish pattern seen on the daily chart.
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
|Today last price||0.7189|
|Today Daily Change||-0.0007|
|Today Daily Change %||-0.10|
|Today daily open||0.7196|
|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|
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