FX.co ★ Technical analysis on NZDUSD for March 7th, 2023.

Red lines- wedge pattern (brokem)

Black line- resistance trend line

Blue rectangles- targets if black line is broken

NZDUSD is trading around 0.6180 and in the near term it is making lower lows and lower highs. Price has recently broken out of a downward sloping wedge pattern providing a bullish signal. Price has so far retraced 61.8% of the upward move that lead to the break out of the wedge pattern. Resistance by the black trend line is found at 0.6215. A break above this level would be a bullish sign and will give us two targets shown with blue rectangle in the chart above. The first target would be around 0.6315 and the second target around 0.6390. Forming a higher low around 0.6180 and turning higher above 0.6215 would be an ideal scenario for bulls.