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From where to sell NZD/USD?
NZD/USD flirts with an uptrend line after the drop caused by USDX's rally. The price is traded at 0.7173 level at the time of writing and it could ignore the critical support levels if the Dollar Index continues to grow.
Technically, the pair is still bullish as long as it stays within the up channel's body, above the uptrend line. The greenback could take full control if the US inflation data will come in line with expectations or better on Wednesday.
NZD/USD has found support on the uptrend line and on the S1 (0.7151) and now is struggling to stay within the up channel's body. The price has shown some overbought signs after its failure to reach and retest the channel's upside line.
Personally, I believe that a bearish reversal will be activated if the price drops and stabilizes under the uptrend line and most important below the median line (ML) of the descending pitchfork. This scenario will bring us a great selling opportunity.
Technically, when the price hits, retests, a support level we search for buying opportunities. NZD/USD is still bullish on the H4 chart. So, only a drop below the uptrend line, S1 (0.7151), and under the median line (ML) suggests selling with a potential downside target at the lower median line (LML), near the S3 (0.6989).
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