NZD/USD technical analysis: Weekly close is pivotal

NZD/USD charted a bullish engulfing candle last week - a sign of potential bullish reversal.
A trend change would be confirmed if the pair closes above 0.6444 on Friday.

Omkar Godbole FXStreet Contributor

The NZD/USD pair is currently trading at 0.6426, having hit a high of 0.6437 a few minutes before press time.

The pair has eked out gains in the last five trading days. That is NZD's biggest daily winning streak since the end of June.

More importantly, NZD/USD created a bullish engulfing candle last week, which occurs when the period begins on a pessimistic note but ends with optimism, engulfing the preceding period's price action.

A bullish engulfing is considered a sign of bearish-to-bullish trend change if it appears at the low of an established downtrend, which is the case with NZD.

The trend change, however, is confirmed, only if the follow-through is positive. Hence, a weekly close above the engulfing candle's high of 0.6444 is needed to confirm a bullish reversal.

Weekly chart

Trend: Bullish

Pivot points

1. R3 0.6522
2. R2 0.6483
3. R1 0.6441
PP 0.6402
1. S1 0.636
2. S2 0.6321
3. S3 0.6279

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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