NZD/USD Technical Analysis: Awaits range breakout

• The hourly chart shows the pair has been restricted to a narrow range since July 3. The range resistance is located at 0.6850 and the support is seen at 0.6730.
• A downside break of the trading range would revive the sell-off from the June 6 high of 0.7060. Meanwhile, a bullish breakout would confirm a bearish-to-bullish trend change, i.e. sell-off from the April 13 high of 0.7395 has ended and the bulls have taken over.

Hourly chart

Spot Rate: 0.6813

Daily High: 0.6832

Daily Low: 0.6812

Trend: Neutral

Resistance

R1: 0.6850 (range resistance)

R2: 0.6872 (50-day moving average)

R3: 0.6958 (38.2% Fib R of the sell-off from April highs)

Support

S1: 0.6797 (10-day moving average)

S2: 0.6762 (July 27 low)

S3:  0.6730 (range support)