- NZD/USD fell out of, following the RBNZ induced sell-off, and back into a steep descending wedge.
The move back into the wedge was a 61.8% retracement.
- Meanwhile, zooming back out and redrawing the trendlines, the wedge has widened to a descending channel with divergence on the daily chart between price lows and stochastics. The price has already rallied back but we can expect to see some consolidation at this juncture, especially given the tough resistance bulls have been faced with.
- Higher up, if bulls manage to penetrate the resistance, the 50% Fibo, 6696, and 19th April highs guard a run to 0.6708.
- On a selloff, the road map leans to 0.65 the figure.
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