NZD/USD chart - Trading View
NZD/USD was trading 0.10% lower on the day at 0.6964 at around 11:20 GMT.
The pair has paused three straight sessions of gains and is hovering around 21-EMA.
Traders remain cautious ahead of the crucial Jackson Hole Symposium which will determine USD price dynamics.
Technical analysis for the pair shows scope for further upside. Bullish RSI divergence adds to the upside bias.
Price is consolidating break above 21-EMA. 5-DMA has turned and MACD is on verge of bullish crossover on signal line.
Support levels - 0.6955 (21-EMA), 0.6925 (23.6% Fib), 0.6920 (5-DMA)
Resistance levels - 0.6990 (Cloud base), 0.70 (38.2% Fib), 0.7015 (trendline)
Summary: NZD/USD is consolidating break above 21-EMA. The major is trading in a sloping wedge pattern and finds stiff resistance at cloud and wedge top.
Focus on the key Jackson Hole Symposium for further direction. Retrace below 21-EMA will see downside resumption.
