The New Zealand dollar looks set for an important week ahead against the US dollar currency, as the pair is on the verge of a major range breakout. Last week bulls invalidated a head and shoulders pattern after moving the NZDUSD pair above the 0.7300 level, however, they were unable to sustain the breakout. As long bulls defend the 0.7200 level this week a rally towards the 0.7400 price area could be on the horizon.
The NZDUSD pair is only bullish while trading above the 0.7200 level, key resistance is found at the 0.7300 and 0.7400 levels.
The NZDUSD pair is only bearish while trading below the 0.7200 level, key support is found at the 0.7170 and 0.7150 levels.
