The New Zealand dollar is coming under downside pressure against the US dollar currency, as antipodean currencies start to give back last Friday’s gains. The four-hour time frame shows that the NZDUSD pair is trapped inside a large broadening expanding wedge pattern. It is possible that the NZDUSD pair is going to test towards the bottom of the pattern, close to the 0.7100 level.
The NZDUSD pair is only bullish while trading above the 0.7200 level, key resistance is found at the 0.7240 and 0.7310 levels.
The NZDUSD pair is only bearish while trading below the 0.7200 level, key support is found at the 0.7130 and 0.7100 levels.
