NZD/USD Technical Analysis: This falling trendline is capping gains
The NZD/USD pair's first attempt to scale the falling trendline connecting the Dec. 4 and Dec. 18 highs failed in the overnight trade.
As seen above, the falling trendline hurdle at 0.68 proved a tough nut to crack in the late US/early Asian session.
The pullback to 0.6771 seen in the last few hours, however, has taken the shape of a bull flag - a pause, which often accelerates the preceding bull move.
The bull flag breakout seen in the above chart indicates that the rally from the Jan. 8 low of 0.6707 has resumed and the pair could go rise as high as 0.6890 (target as per the measured move method).
The pair, therefore, could soon rise well above the falling trendline hurdle, currently at 0.6794.
Today Last Price: 0.6782
Today Daily change: -17 pips
Today Daily change %: -0.250%
Today Daily Open: 0.6799
Previous Daily SMA20: 0.6749
Previous Daily SMA50: 0.6784
Previous Daily SMA100: 0.668
Previous Daily SMA200: 0.6801
Previous Daily High: 0.6812
Previous Daily Low: 0.6713
Previous Weekly High: 0.6843
Previous Weekly Low: 0.6516
Previous Monthly High: 0.697
Previous Monthly Low: 0.6686
Previous Daily Fibonacci 38.2%: 0.6774
Previous Daily Fibonacci 61.8%: 0.6751
Previous Daily Pivot Point S1: 0.6737
Previous Daily Pivot Point S2: 0.6676
Previous Daily Pivot Point S3: 0.6638
Previous Daily Pivot Point R1: 0.6836
Previous Daily Pivot Point R2: 0.6873
Previous Daily Pivot Point R3: 0.6935