NZD/USD finds support near weekly PP

In line with expectations, the NZD/USD left the rising wedge in a south direction. However, a combined support level set up by the weekly PP at 0.7264 and the 200-hour SMA at 0.7263 forced the currency pair to make a rebound. This moment made possible for the pair to break through the 20-, 55- and 100-hour SMAs and opened a way to the monthly R2 at 0.7314 and the weekly R1 at 0.7324. It is expected the during the next 24 hours the pair is going to try to bypass these resistance levels. Most likely this attempt will fail, as these pivot points are additionally supported by the upper trend-line of an active, large ascending channel. Several factors indicate that this channel is narrowing down, which might form another wedge reversal. However, to discuss this pattern the currency pair should rebound from upper boundary first.