NZD/USD may be in a range from roughly .6900-.7100, but a triangle is developing in the range. Before we consider a possible upside breakout, there are a few things we should take note of.
1) We are comfortably below the 200-day moving average for nearly five weeks.
2) A death cross of the 50-day moving average and 200-day moving average suggests a price may struggle on rallies longer term.
3) The U.S. dollar is making a broad-based move against other majors. which could eventually weigh on the NZD/USD pair as well.
The breakout point higher would be at .7063, a breakdown would be at .6980. A break either way could take us to the upper or lower end of the longer-term range.