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NZD/USD is trading sideways in the short term trying to accumulate more bullish energy before jumping higher. The Dollar Index tries to come back higher but the pressure is high. The pair maintains a bullish outlook despite temporary declines.
Unfortunately for the USD, the United States Industrial Production increased only by 0.4% in August compared to 0.5% expected. The Capacity Utilization Rate and the Empire State Manufacturing Index have come in better than expected.
On the other hand, the New Zealand Current Account increased from -3.19B to -1.40B, beating the -1.74B estimate. Tomorrow, the US retail sales data and the New Zealand GDP could be decisive.
NZD/USD continues to stay above 0.7088 and above the ascending pitchfork's median line (ML), so the bullish bias is intact. The sideways movement could represent an accumulation before the pair resume its growth.
Only a valid breakdown below the median line (ML) could invalidate further growth. Technically, it has registered only false breakdowns through 0.7088. A bullish pattern in this support zone could bring new long opportunities.
NZD/USD could come back higher if it fails to reach and retest the median line (ML). Also, a false breakdown with great separation through the median line or a major bullish engulfing could bring a new upside momentum.
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