NZD/USD Technical Analysis: Eyes key falling trendline hurdle after the falling wedge breakout

• The NZD/USD’s 15-minute chart shows a bullish divergence of the relative strength index (RSI) and a falling wedge breakout. The latter indicates a resumption of the rally from the Oct. 14 low of 0.6494.
• As a result, the spot looks set to test the trendline connecting the Apr. 13 high and Sept. 26 high. Interestingly, the 50-day exponential moving average (EMA) has met the trendline at 0.6604.
• The outlook as per the daily chart would turn bullish if the spot closes above the falling trendline.

15-minute Chart

Spot Rate: 0.6552

Daily High: 0.6556

Daily Low: 0.6534

Trend: Bullish

Resistance

R1: 0.6604 (trendline + 50-day EMA)

R2: 0.6700 (Sept. 21 high)

R3: 0.6707 (100-day EMA)

Support

S1: 0.6536 (10-day EMA)

S2: 0.6500 (Sept. 11 low)

S3: 0.6424 (Oct. 8 low)