The New Zealand dollar is on the rise against the US dollar after the New Zealand inflation report came in much stronger than the market had been expecting. The four-hour time frame shows that the NZDUSD pair is trading inside a large broadening expanding wedge pattern. Sustained gains above the 0.7000 level could encourage bulls to test towards the top of the wedge pattern.
The NZDUSD pair is only bullish while trading above the 0.7000 level, key resistance is found at the 0.7070 and 0.7120 levels.
The NZDUSD pair is only bearish while trading below the 0.7000 level, key support is found at the 0.6970 and 0.6920 levels.
