The NZD/USD pair could develop a larger upside movement if it makes a valid breakout through the confluence area. The price has shown some oversold signs, so the current rebound is natural. Only DXY’s rebound could force the pair to drop again in the short term. The NZD/USD price rallied in the short term as the USD was weakened by the DXY’s sell-off. The price is somehow expected to resume its gains in the short term as the New Zealand data have come in better than expected in the early morning. The Retail Sales surged by 3.3% in Q2 versus 2.4% expected compared to 2.8% growth in the first quarter. In addition, the Core Retail Sales raised by 3.4% versus 2.1% estimate. –Are you interested to learn more about low spread forex brokers? Check our detailed guide- The USD could try to appreciate a little as the United States New Home Sales have increased from a revised 701K to 708K, exceeding the 698K forecast. Tomorrow, the New Zealand Trade Balance and the US Core Durable Goods Orders could impact the NZD/USD pair. In the short term, the bias is bearish again. I believe that only the US Prelim GDP and the FED Chair Powell speech at the Jackson Hole Economic Policy Symposium could have a major impact during the week. These events could change the sentiment again. Get FREE Forex Signals Now! NZD/USD price technical analysis: Key levels to watch NZD/USD 4-hour price chart The NZD/USD pair ignored the weekly pivot point of 0.6893 level and the 0.6922, and now it moves towards the ascending pitchfork’s median line (ML). Actually, it could be attracted by the confluence area formed at the intersection between the weekly R1 (0.6981) and the median line (ML). –Are you interested to learn more about forex signals? Check our detailed guide- Its failure to stay under the downtrend line signaled that the NZD/USD pair could turn to the upside. Also, the price couldn’t reach the 0.68 psychological level or the 0.6755 – 0.6790 area. It remains to see how it will react when it hits the immediate resistance levels and the 0.7000. A valid breakout above these obstacles could indicate further growth towards a 0.71 psychological level. Registering a temporary decline could help us to catch a new swing higher from around 0.69. 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. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Analysis: Bulls Pause at 1.1750 as Treasuries Find Demand Saqib Iqbal 1 year The NZD/USD pair could develop a larger upside movement if it makes a valid breakout through the confluence area. The price has shown some oversold signs, so the current rebound is natural. Only DXY’s rebound could force the pair to drop again in the short term. The NZD/USD price rallied in the short term as the USD was weakened by the DXY’s sell-off. The price is somehow expected to resume its gains in the short term as the New Zealand data have come in better than expected in the early morning. The Retail Sales surged by 3.3% in Q2 versus… 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.