NZD/USD next Move
NZDUSD has been in a multiweek consolidation pattern and is looking for a breakout. The consolidation has been in a triangle pattern, with one trendline being broken and re-tested as shown on the left chart. The second upper trendline could be valid, but it is hard to tell based on limited data.
NZDUSD appears to be entering a breakout long, with bullish MACD and RSI. USD weakness expected in the near-term to propel NZD higher.
However, these types of consolidation patterns can break out either way, so watch for potential break of bottom trendline to find support.
Target: 0.74 into strong weekly resistance as shown on right weekly chart.
NZDUSD appears to be entering a breakout long, with bullish MACD and RSI. USD weakness expected in the near-term to propel NZD higher.
However, these types of consolidation patterns can break out either way, so watch for potential break of bottom trendline to find support.
Target: 0.74 into strong weekly resistance as shown on right weekly chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.