NZD/USD is currently probing the upper edge of the 5.5-month long contracting triangle. A daily close above 0.6912 (triangle resistance)
would confirm a bullish breakout and open the doors to 0.6969 (Dec. 4 high).
That looks likely as the 14-day relative strength index (RSI) has already breached the contracting triangle on the higher side.
The bullish case, however, would weaken if the pair finds acceptance below 0.6857 - the low of the candle with long uppershadow created
on Mar. 21.
As of writing, the pair is trading at 0.6917.
- R3 0.6976
- R2 0.6947
- R1 0.6928
- PP 0.6899
- S1 0.688
- S2 0.6851
- S3 0.6832
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