June’s close back inside of this wedge pattern confirms that the March selloff was nothing but a false break below a multi-year support level.
And a false break to one side of a pattern often triggers an extended move in the opposite direction.
That could push NZDUSD higher in the coming days and weeks.
However, buyers first need to secure a close above 0.6550.
That’s the approximate location of the multi-year wedge resistance.
A close above that would open the door to 0.6700.
Key support for the week ahead comes in at 0.6380.
And a false break to one side of a pattern often triggers an extended move in the opposite direction.
That could push NZDUSD higher in the coming days and weeks.
However, buyers first need to secure a close above 0.6550.
That’s the approximate location of the multi-year wedge resistance.
A close above that would open the door to 0.6700.
Key support for the week ahead comes in at 0.6380.
