NZD/USD Technical Analysis: Probing falling channel resistance

The NZD/USD pair is currently chipping away at the upper edge of the falling channel, as seen in the 4-hour chart.
A bullish breakout, if confirmed, would imply a resumption of the rally from the Oct. 26 low of 0.6465 and would allow re-test of the recent high of 0.6969 - more so, as the 14-day relative strength index (RSI) is biased bullish in 54.00 and well short of the above-80 overbought region. Simply put, there is enough room for a move toward 0.6969 should the breakout is confirmed.
The bears, however, may feel emboldened below Friday's low of 0.6777.

Omkar Godbole FXStreet Contributor

4-Hour Chart

Trend: Bullish after falling channel breakout

NZD/USD

Overview:
    Today Last Price: 0.6849
    Today Daily change: 43 pips
    Today Daily change %: 0.632%
    Today Daily Open: 0.6806
Trends:
    Previous Daily SMA20: 0.6848
    Previous Daily SMA50: 0.6714
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.6845
Levels:
    Previous Daily High: 0.6819
    Previous Daily Low: 0.6785
    Previous Weekly High: 0.6912
    Previous Weekly Low: 0.6778
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6806
    Previous Daily Fibonacci 61.8%: 0.6798
    Previous Daily Pivot Point S1: 0.6788
    Previous Daily Pivot Point S2: 0.6769
    Previous Daily Pivot Point S3: 0.6754
    Previous Daily Pivot Point R1: 0.6822
    Previous Daily Pivot Point R2: 0.6838
    Previous Daily Pivot Point R3: 0.6856

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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