NZD/USD Technical Analysis: Kiwi is struggling despite the falling wedge breakout

The NZD/USD pair witnessed a falling wedge breakout on Monday. So far, however, the bull breakout has failed to put a strong bid under the Kiwi.
As seen in the chart below, the upside is being capped around 0.69.
The bull breakout and the higher lows would gain credence if NZD/USD establishes a bullish higher-high with a move above the previous day's high of 0.6912. That would open the doors to the recent high of 0.6969.
On the downside, a move below 0.6862 would invalidate the bullish view put forward by the falling wedge breakout.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish above 0.6912

NZD/USD

Overview:
    Today Last Price: 0.6892
    Today Daily change: 17 pips
    Today Daily change %: 0.247%
    Today Daily Open: 0.6875
Trends:
    Previous Daily SMA20: 0.6849
    Previous Daily SMA50: 0.6686
    Previous Daily SMA100: 0.6669
    Previous Daily SMA200: 0.6854
Levels:
    Previous Daily High: 0.6912
    Previous Daily Low: 0.6861
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6893
    Previous Daily Fibonacci 61.8%: 0.688
    Previous Daily Pivot Point S1: 0.6853
    Previous Daily Pivot Point S2: 0.6832
    Previous Daily Pivot Point S3: 0.6802
    Previous Daily Pivot Point R1: 0.6904
    Previous Daily Pivot Point R2: 0.6934
    Previous Daily Pivot Point R3: 0.6955

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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