The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.
On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.
Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.
A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.
On the other hand, an estimated projection target for this flag pattern will remain at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.
Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.
Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.
For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).
The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.
Shortly after, a previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.
A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.
This week, lack of strong bullish pressure was manifested above 0.6800.
That's why, a bearish pullback is taking place towards 0.6750 where another buy entry can be offered. S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.
The material has been provided by InstaForex Company - www.instaforex.com