The New Zealand dollar is preparing for its next major move against the US dollar currency, as the pair trades at the bottom of a broadening ascending wedge pattern. A drop below the typically bearish price pattern could see the NZDUSD pair dropping towards the 0.7100 support level. If sellers fail to move the NZDUSD pair under the wedge, then a rally towards the top of the wedge could take place.
The NZDUSD pair is only bullish while trading above the 0.7160 level, key resistance is found at the 0.7300 and 0.7400 levels.
The NZDUSD pair is only bearish while trading below the 0.7160 level, key support is found at the 0.7130 and 0.7050 levels.
