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NZD/USD hourly chart – Bullish flag detected

  • “Kiwi rides high after a boost from retail sales and tests key resistance levels. Current risk environment supports upward momentum, but expect USD 0.69 to remain a barrier,” analysts at ANZ Bank explained.  
  • The bird has morphed into a bullish flag which negates the bearish case following the break below the trendline support in early New York trade.  
  • The rule of thumb for the take profit target is by measuring from the base of the pole to the break-out point. If the price breaks 0.6892 as the prior hourly high, the price would be expected to extend around at least 27 pips and test 0.6917  with eyes on the 50% Fibo retracement of the 2018 decline to Oct swing lows located at 0.6930, (a double top resistance level).
  • Support to the downside is located at 0.68 the figure.  

NZD/USD 60 min chart