NZD/USD is trading in the red at the time of writing this article after edging higher in the fresh start of the session. It is trading at the 0.7301 level and continues to stay within the buyer's territory, so a new upside momentum is favored.
The price could be moved by the US CB Leading Index and by New Zealand Retail Sales and Core Retail Sales data. The pair could rise higher as the price has escaped from a narrow range. Technically, is expected to reach new highs soon.
NZD/USD Temporary Drop!
NZD/USD found resistance at 0.7338 level. Now it is traded below a former high of 0.7315. It is expected to increase further after exiting from the extended sideways movement and from the descending pitchfork's body.
We will see if the sellers have enough power to drag to rate lower to the Pivot Point (0.7255). Despite a minor retreat, NZD/USD could be attracted by the first warning line (WL1) in the end.
It is recommended to open long deals if the pair retreats. Pay attention to the WL1 and the 0.7400 psychological level.