NZD/USD Technical Analysis: Sits above 0.69, teasing contracting triangle breakout

Omkar Godbole FXStreet Contributor

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.

Daily chart

Trend: Bullish

1. R3 0.6976
2. R2 0.6947
3. R1 0.6928
PP 0.6899
1. S1 0.688
2. S2 0.6851
3. S3 0.6832

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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