The pair hit a high of 0.6909 earlier, what's next?
An update on the pair following Greg's post earlier here.
Looking at the hourly chart, the pair has broken through the trendline resistance as Greg rightfully pointed out. It tested the level about 3 hours ago and failed, but this time we have a stronger breakthrough.
So, what are the next levels to look out for?
On the topside, there is a resistance level sitting at 0.6912 from the 1 Dec high and the 76.4 retracement level at 0.6915. Following that, there is the resistance level of 0.6930 from the 29 Nov high.
As for support levels to define risk/stops, I'd lean on the trendline highlighted for support now but the stronger support level is from yesterday's lows near the 0.6870 region.
The kiwi got a shot in the arm yesterday, as it leeched off positive Australian retail sales data and that sent NZD/USD higher before the dollar caught a bid later in the US session.
But today, it looks like it's picking up again from yesterday's move as the USD is finding it hard to hold onto gains from yesterday against most major pairs.
