The New Zealand dollar is back under downside pressure against the US dollar currency, as the greenback continues to gain strength on the foreign exchange market. The four-hour time frame shows that the NZDUSD pair could be about to test towards the bottom a large broadening expanding wedge pattern. A test towards the bottom of the pattern, close to the 0.7100 level, could provide a dip-buying opportunity.
The NZDUSD pair is only bullish while trading above the 0.7170 level, key resistance is found at the 0.7200 and 0.7230 levels.
The NZDUSD pair is only bearish while trading below the 0.7170 level, key support is found at the 0.7100 and 0.7080 levels.
