NZD/USD between double top and bottom breakouts

By FXStreet NZD/USD is currently below the 0.6780 resistance and has been in a minor recovery from 0.6710 recent lows two-month lows.

NZD/USD rallied only to meet a double top this month and the Fed pressures and stronger greenback added to the weight felt on the RBNZ and sentiment in markets looking for further action from a dovish Central Bank in New Zealand. Last week saw significant repricing of the the US dollar in respect to the hawkishness that the FOMC has tried to portray on recent rhetoric and FOMC minutes, and data will be scrutinized even closer as a result while there are some questions as to whether the Fed really can hike and whether data really has been worthy of such action.

NZD/USD levels

NZD/USD is currently in consolidation of the downside with a double bottom on 0.6700/10 offering support in a directionless pair below the rising channels up-tend from 2016 lows of 0.6347. The 20 sma on the 4hr chart is located at 0.6759 on the 4hr sticks while 0.6800 remains the psychological resistance to break in a continuation of the reversal.
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Source:: FX Street