The New Zealand dollar is trapped in a narrow price range against the US dollar currency, ahead of the Reserve Bank of New Zealand policy decision. Lower time frame analysis shows that a bearish head and shoulders pattern is currently looming over the NZDUSD pair. Bears need to move the price under the 0.7160 level to activate the pattern, while bulls need to move the price above the 0.7300 level to invalidate the pattern.
The NZDUSD pair is only bullish while trading above the 0.7150 level, key resistance is found at the 0.7300 and 0.7400 levels.
The NZDUSD pair is only bearish while trading below the 0.7160 level, key support is found at the 0.7120 and 0.7050 levels.
