The New Zealand dollar is appearing more bullish against the US dollar currency, after the pair started to rally following the recent Reserve Bank of New Zealand policy decision. Lower time frame analysis shows that a bearish head and shoulders pattern has now been invalidated. According to the overall size of the invalidated head and shoulders pattern the NZDUSD pair could rally towards the 0.7450 area.
The NZDUSD pair is only bullish while trading above the 0.7250 level, key resistance is found at the 0.7300 and 0.7450 levels.
The NZDUSD pair is only bearish while trading below the 0.7250 level, key support is found at the 0.7200 and 0.7120 levels.
