Kiwi testing uptrend line


The NZDUSD pair, also known as the kiwi, has been moving sideways recently and this consolidation was welcome after the big runup earlier in the summer.

On Wednesday, it was seen flat during the US session, hovering at around 0.6650.

The price is now testing the short-term uptrend line, which is near 0.6645. It looks like this support will be broken to the downside and if this happens, we could see a decline toward 0.6615 or 0.660.

Moreover, it looks like a triangle pattern on the four-hour chart, which, in this case, might be a topping formation. The potential of this triangle is circa 80 pips. Thus, if the pair drops below 0.6640, the full potential of this triangle sets the target at 0.6560.

Alternatively, if this support holds, bulls might push the price toward the actual swing highs near 0.6700. Additionally, if the triangle formation is broken to the upside, again, the potential is 80 pips, thus targeting 0.6780.
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