The New Zealand dollar is looking increasingly against the US dollar currency, as commodity-related currencies continue to perform well. The near-term technical show that the NZDUSD pair recently invalidated a large head and shoulders pattern across the lower time frames. According to the invalidation target, the NZDUSD pair could be preparing to rally towards the 0.7340 area.
The NZDUSD pair is only bullish while trading above the 0.7170 level, key resistance is found at the 0.7240 and 0.7340 levels.
The NZDUSD pair is only bearish while trading below the 0.7170 level, key support is found at the 0.7130 and 0.7060 levels.
