NZD/USD Technical Analysis: Bull flag on the hourly chart

• The NZD/USD pair has charted a bull flag on the hourly chart, which is a continuation pattern, meaning a break above the flag resistance, currently seen at 0.6510, would revive the rally from the Oct. 10 low of 0.6442 and would allow a rally to 0.66 (target as per the measured height method).
• The prospects of bull flag breakout would weaken if the pair finds acceptance below the 100-hour exponential moving average (EMA) 0.6495.

Hourly Chart

Spot Rate: 0.6502

Daily High: 0.6509

Daily Low: 0.6494

Trend: Bullish on flag breakout

Resistance

R1: 0.6510 (flag hurdle)

R2: 0.6529 (bearish 5-week EMA)

R3: 0.66 (bull flag target)

Support

S1: 0.6495 (100-hour EMA)

S2: 0.6479 (50% Fib R of 0.6424/0.6533)

S3: 0.6466 (61.58% Fib R of 0.6424/0.6533)