NZD/USD Decision Point

Price within the above NZD/USD Daily chart has nearly reached back to the 0.71500 resistance area. For price to reach this area we saw a breakout of the ranging resistance of 0.69900. We have also seen price break onto the bullish side of all 3EMA's and our 20EMA has crossed over to the upside of the 50EMA.

From here we are watching how price is going to react at this 0.71500 area. Will we see a rejection or will we see a break? A rejection may lead to a new higher low. We are keeping a close watch of this pair to see whether price shows a break or rejection of the 0.71500 resistance.

If the pair breaks the resistance line at 0.71500 we could see an attempt to go to 0.7450 which would make a double top. On the other hand, a break below 0.70 could drive the price down to double bottom at support zone 0.68.

Chart: NZD/USD D1