NZD/USD Technical Analysis: Basing patten along 100-hour MA could yield minor rally

• The NZD/USD has created a basing pattern along the 100-hour moving average (MA) in the last 20 hours and could pop out of the falling wedge pattern soon.
• A bullish falling wedge breakout would signal a resumption of the rally from the recent low of 0.6826 and will likely yield a convincing break above resistance at 0.6921 (hourly 200-MA).

Hourly chart

Spot Rate: 0.6894

Daily High: 0.6902

Daily Low: 0.6883

Trend: Bullish

Resistance

0.69 (50-hour MA)

0.6921 (100-hour MA + 10-day MA)

0.6991 (50-day MA)

Support

0.6884 (5-day MA)

0.6851 (May 16 low)

0.6826 (June 21 low)