NZD/USD Technical Analysis: Looks north after falling wedge breakout

Omkar Godbole FXStreet Contributor

The NZD/USD pair could revisit recent highs near 0.6850, having witnessed a falling wedge breakout on the key technical chart.

4-hour chart

The falling wedge breakout – a bullish reversal pattern – indicates that the pullback from the recent high of 0.6849 has ended and the bulls have likely regained control. As a result, 0.6849 could come into play again.
Validating that bullish argument is the 14-day relative strength index' (RSI) move into positive territory above 50.00.
The bullish pressure would weaken if the spot falls back into the wedge.

Trend: bullish

NZD/USD

Overview:
    Today Last Price: 0.6768
    Today Daily change: 0.0047 pips
    Today Daily change %: 0.70%
    Today Daily Open: 0.6721
Trends:
    Daily SMA20: 0.6746
    Daily SMA50: 0.6796
    Daily SMA100: 0.6691
    Daily SMA200: 0.6776
Levels:
    Previous Daily High: 0.6735
    Previous Daily Low: 0.6706
    Previous Weekly High: 0.685
    Previous Weekly Low: 0.6727
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Daily Fibonacci 38.2%: 0.6717
    Daily Fibonacci 61.8%: 0.6724
    Daily Pivot Point S1: 0.6706
    Daily Pivot Point S2: 0.6692
    Daily Pivot Point S3: 0.6677
    Daily Pivot Point R1: 0.6735
    Daily Pivot Point R2: 0.675
    Daily Pivot Point R3: 0.6764

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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