The New Zealand dollar has rallied against the US dollar after the Reserve Bank of New Zealand sound more hawkish than the market was expecting. The NZDJPY pair appears to be trading inside a large broadening expanding wedge pattern between the 75.90 and 79.00 level. Now that sellers have failed to break under the pattern we could see buyers rallying the pair towards the top of the wedge pattern.
The NZDJPY pair is only bullish while trading above the 77.50 level, key resistance is found at the 78.20 and 78.85 levels.
The NZDJPY pair is only bearish while trading below the 77.50 level, key support is found at the 77.00 and 75.95 levels.
