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NZD/USD chart - Trading View
Technical Analysis: Bias Turning Bullish
- NZD/USD was trading around 0.70 handle at around 10:40 GMT
- The pair is attempting breakout of Sloping Wedge pattern
- Bullish 5-DMA crossover on 20-DMA adds to the upside bias
- Momentum indicators have turned bullish and volatility is high
- Bullish MACD line crossover on signal line supports bullishness
- Bullish divergence on RSI from price action on the daily charts aids bulls
Support levels - 0.6975 (5-DMA), 0.6962 (21-EMA), 0.6925 (23.6% Fib)
Resistance levels - 0.7037 (110-EMA), 0.7060 (50% Fib), 0.7110 (200-DMA)
Summary: NZD/USD is extending downside in a Slopping Wedge pattern. Major bias is bearish, but near-term trend shows some signs of upside. Price action is pivotal at 38.2% Fib and Wedge top resistance at 0.70. Decisive breakout of Sloping Wedge pattern will buoy bulls in the pair.
Focus on US Pending Home Sales for July and Dallas Fed Manufacturing Business Index for August due later in the NY session for trading opportunities. Next major resistance lies at 50% Fib at 0.7060.
