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NZD/USD Bullish Pennant (July 29, 2013)
NZD/USD has enjoyed a strong rally last week, as the RBNZ interest rate statement turned out relatively hawkish. Governor Wheeler specified that the central bank might keep rates low until next year only, prompting traders to speculate that a rate hike could be in the cards for 2014.
With that, NZD/USD broke past the .8000 major psychological barrier and reached the .8100 area. At the moment, the pair is consolidating below this level, waiting for a bigger push.
An upside break from the bullish pennant could mean another 100-pip rally to the .8200 handle or higher. On the other hand, a downside break could trigger a test of the .8000 former resistance.
Stochastic is still pointing up, which suggests there’s still enough upward momentum.
By Kate Curtis from Trader's Way
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