The NZD/USD completes 7 weeks rallying

The New Zealand Dollar versus the US Dollar has completed seven weeks rallying and it stays above the 0.7300 key level, even though it has not been able to confirm a real breakout of the bearish channel shown on the weekly chart. On the chart we can also see that the pair has found a good resistance on the 200 week exponential moving average (blue line) every time it visits that zone. On the last visits that we have seen to the 200 week EMA, the pair has left some relatively short wicks above the moving average to come back into the channel. During the last two weeks, the NZD/USD has stayed above the 200 week EMA, but there is still the possibility of coming back down. None the less, if the next weekly candle is also bullish, a breakout of the 200 week EMA, the 0.7300 level, and the channel could be confirming to the upside and the pair may visit the 0.7400 level. Above the 0.7400 level, its next resistance could be the 0.7500 level. In case of a bearish bounce or pullback, the 0.7200 level or the 0.7100 level could act as support.