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NZDUSD – Breakout Pullback Setup, ST Bullish | Mar 23
NZDUSD – Greater Strength vs. USD, ST Bullish (4hr chart)
Showing greater strength vs. the USD post FOMC spike, the Kiwi has been making consistently higher highs since and took out a major resistance level today which was the double top Feb highs at 7600.
After initially busting through and then doing a false breakout, the pair re-emerged back above showing strength. Notice the breakout pullback setup on the 2nd push above, confirming 7600 is now support.
Any weak pullbacks here are short term opportunities for bulls to get long. For now, I’m anticipating a return back towards 7800 and potentially 7850 before offers re-enter the market. Only a daily close below 7500 negates the bullish momentum ST.
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