- The NZD/USD pair closed at 0.6708 yesterday, confirming an upside break of the 4-month long falling wedge pattern. So, it seems safe to say the tables have turned in favor of the NZD bulls.
- The upward sloping 5-day and 10-day moving averages (MAs) also indicate a short-term bullish setup.
- NZD/USD could soon test the 50-day MA, currently located at 0.6745, albeit after a minor pullback as the hourly relative strength index (RSI) is flashing overbought conditions.
Daily chart
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Spot Rate: 0.6702
Daily High: 0.6719
Daily Low: 0.6700
Trend: Bullish
R1: 0.6727 (previous day’s high)
R2: 0.6745 (50-day MA)
R3: 0.6764 (Aug. 8 high)
Support
S1: 0.6685 (5-day MA)
S2: 0.6667 (10-day MA)
S3: 0.6636 (50% Fib R of 0.6544/0.6727)
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