The NZD/USD pair continues to gain, but it’s almost to reach strong upside obstacles. DXY’s further drop helped the price rise even if the New Zealand data came in worse than expected. A temporary decline or a minor consolidation could help us to catch a new upwards movement. The NZD/USD price rallies at the time of writing as the Dollar Index resumes its downside movement. The price is trading at 0.7063 level, and it could hit strong upside obstacles soon. The USD needs strong support from the US economy to be able to recover after its current sell-off. –Are you interested to learn more about ECN brokers? Check our detailed guide- The outlook is bullish, so a temporary decline could help us to catch new upwards movements. The US will release the CB Consumer Confidence later today, which is expected to drop from 129.1 points to 122.9 points in August. This could be bad for the greenback ahead of the US NFP. Moreover, the Chicago PMI could drop from 73.4 to 68.0 points. A deeper drop could weaken the dollar as well. The US HPI and the S&P Composite-20 HPI indicators will be published as well, but I don’t think that will impact the NZD/USD pair. New Zealand has released the ANZ Business Confidence and the Building Consents. Unfortunately, the economic indicators have come in worse than expected. Still, the NZD/USD pair gains only because the Dollar Index plunges. Get FREE Forex Signals Now! NZD/USD price technical analysis: Up channel remains intact NZD/USD 4-hour price chart The NZD/USD pair has resumed its rally after jumping and stabilizing above the ascending pitchfork’s median line (ML). I’ve told you in my previous analysis that the price could register an amazing rally if it takes out the dynamic resistance represented by the median line (ML). –Are you interested to learn more about making money in forex? Check our detailed guide- It goes higher within an ascending channel. In the short term, the bias will be bullish as long as it stays within this pattern. The immediate resistance level is seen at the weekly R1 (0.7081). Also, the channel’s upside line stands as a dynamic resistance. Technically, the NZD/USD pair could resume its rally as long as it stays above the ascending pitchfork’s median line (ML). So, a temporary decline after the current bullish fly won’t affect the upside scenario. 0.7115 – 0.7125 area represents an important supply zone, a resistance zone. In addition, 0.7100 is seen as an upside target as well. Personally, I would like to see a temporary decline of a minor consolidation before the price reaches these major obstacles. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next US Non-Farm Payrolls Preview: Weak Reading May Deepen Dollar Slide Gary McFarlane 1 year The NZD/USD pair continues to gain, but it's almost to reach strong upside obstacles. DXY's further drop helped the price rise even if the New Zealand data came in worse than expected. A temporary decline or a minor consolidation could help us to catch a new upwards movement. The NZD/USD price rallies at the time of writing as the Dollar Index resumes its downside movement. The price is trading at 0.7063 level, and it could hit strong upside obstacles soon. The USD needs strong support from the US economy to be able to recover after its current sell-off. –Are you… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.