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.

Omkar Godbole FXStreet Contributor

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

NZD/USD

Overview
Today last price	0.6663
Today Daily Change	0.0022
Today Daily Change %	0.40
Today daily open	0.6641

Trends
Daily SMA20	0.6555
Daily SMA50	0.6429
Daily SMA100	0.6218
Daily SMA200	0.635

Levels
Previous Daily High	0.6655
Previous Daily Low	0.6614
Previous Weekly High	0.6691
Previous Weekly Low	0.6538
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6639
Daily Fibonacci 61.8%	0.663
Daily Pivot Point S1	0.6619
Daily Pivot Point S2	0.6596
Daily Pivot Point S3	0.6578
Daily Pivot Point R1	0.666
Daily Pivot Point R2	0.6678
Daily Pivot Point R3	0.6701

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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