NZD/USD Technical Analysis: Bullish continuation pattern support prospects for further near-term up-move
• The pair has been oscillating between two converging trend-line since the US trading session on Wednesday, forming a symmetrical triangle on the 1-hourly chart.
• Given this week's goodish up-move, the contracting wedge can be referred to as a continuation pattern but sometimes also mark important trend reversals.
• Meanwhile, technical indicators on hourly/daily charts have managed to hold in positive territory and thus, support prospects for an eventual bullish breakout.
• However, it would be prudent to wait for a convincing break through the trading range before traders start positioning for the next leg of positive momentum.
NZD/USD 1-hourly chart
-636791841556179291.png)
NZD/USD
Overview:
Today Last Price: 0.6866
Today Daily change: 9.0 pips
Today Daily change %: 0.131%
Today Daily Open: 0.6857
Trends:
Previous Daily SMA20: 0.678
Previous Daily SMA50: 0.6645
Previous Daily SMA100: 0.666
Previous Daily SMA200: 0.687
Levels:
Previous Daily High: 0.6885
Previous Daily Low: 0.6837
Previous Weekly High: 0.6876
Previous Weekly Low: 0.6767
Previous Monthly High: 0.663
Previous Monthly Low: 0.6424
Previous Daily Fibonacci 38.2%: 0.6855
Previous Daily Fibonacci 61.8%: 0.6867
Previous Daily Pivot Point S1: 0.6834
Previous Daily Pivot Point S2: 0.6812
Previous Daily Pivot Point S3: 0.6786
Previous Daily Pivot Point R1: 0.6882
Previous Daily Pivot Point R2: 0.6908
Previous Daily Pivot Point R3: 0.693