Daily Forex Update: NZD/USD

The New Zealand Dollar has gained steadily on the U.S. Dollar since it bounced from 0.6793 and found buying momentum above 0.6800. The short-term uptrend has continued to find buying support as the 15-minute time frame formed a Triangle pattern - in fact, this pattern could be considered an Ascending Triangle because the pattern was formed by uptrend line support and a horizontal resistance level. The location of the resistance is of particular interest because of the 0.7200 level that is now holding prices from moving higher. With current highs at 0.7209 and 0.7206, buyers have been able to break the resistance of the 0.7200 whole, round number, but can't find footing to maintain support above the level.