Consolidation continues on the Kiwi

The NZD/USD or Kiwi continues consolidating in between the 0.7200 level and the 0.7300 level as shown on the daily chart. The consolidation has formed what it appears to be a symmetrical triangle from where the price may actually breakout in any direction. The 55 day EMA, purple line, has continued crossing above the 200 day EMA around the 0.7054 level, reaching the 0.7100 level. The crossing of the EMAs has confirmed a pattern known as the golden cross, which has bullish implications in the midterm. Therefore, even if the pair continues consolidating above the 0.7200 level, it may break the 0.7300 to continue moving higher. A breakout of the 0.7300 level may take the pair to the 0.7400 zone. A breakdown of the 0.7200 level may cause the pair to pull back to the 0.7100 level where the 55 day EMA may act as support.