The New Zealand dollar is attempting to recover against the US dollar currency, after the New Zealand economy posted much strong than expected GDP data. The four-hour time frame shows that the NZDUSD pair is attempting to move above inside a large broadening expanding wedge pattern, around the 0.7090 level. Failure to move the price back above the bottom of the pattern could result in a further sell-off towards the 0.7035 area.
The NZDUSD pair is only bullish while trading above the 0.7090 level, key resistance is found at the 0.7130 and 0.7170 levels.
The NZDUSD pair is only bearish while trading below the 0.7090 level, key support is found at the 0.7060 and 0.7035 levels.
