The New Zealand dollar has staged a strong recovery against the US dollar as commodity-related currencies attempt to claw back last weeks heavy losses. The NZDUSD pair will have a short-term bullish bias again if the price moves back inside a large broadening wedge pattern, around the 0.7090 level. NZDUSD bulls could rally the price towards the top of wedge if they are successful.
The NZDUSD pair is only bullish while trading above the 0.7090 level, key resistance is found at the 0.7230 and 0.7300 levels.
The NZDUSD pair is only bearish while trading below the 0.7090 level, key support is found at the 0.7000 and 0.6920 levels.
