NZD/USD trades in a range which could represent part of a Bull Flag continuation pattern. Conditional on a break above the range highs the pair could rally up to the targets for the Bull Flag. Alternatively a break lower is possible, bringing the uptrend into doubt. NZD/USD has spent the last week or so forming a range bound consolidation which could represent the flag square of a Bull Flag continuation pattern.
NZD/USD 4-hour Chart Such a breakout would probably see the price rally up to 0.6180, the first target for the Bull Flag pattern. This is calculated by taking the length of the “pole” and extrapolating it by a 0.618 Fibonacci ratio from the base of the rectangle higher. This is the conservative target for the pattern but a more bullish move could even reach the 0.6240 target at the 100% extension of the pole higher.
Technical Analysis
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