NZD/USD Technical Analysis: Remains bid despite tensions in New Zealand, bull flag seen on 4H chart

NZD/USD is currently trading at 0.6843 - up 0.23 percent on the day - having found support at 0.6812 (50-day moving average) yesterday. 

Reports of a violent incident in Christchurch hit the wires a few minutes before press time. The Kiwi, however, is showing no signs of stress and could rise well above the weekly high of 0.6874 if the bull flag seen on the 4-hour chart is breached to the higher side. 

4-hour chart

The bull flag is a continuation pattern which usually accelerates the preceding bullish move. A break above 0.6857 (upper edge of the flag) would open the doors to 0.6985 (target as per the measured move method). 

Trend: Bull above 0.6857

    1. R3 0.6915
    2. R2 0.6891
    3. R1 0.6857
  1. PP 0.6833
    1. S1 0.6799
    2. S2 0.6775
    3. S3 0.6741

 

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