The Kiwi (NZDUSD) is slowly picking up an up trend move and could be facing some resistance soon.
This is shown on the daily chart as it forms an upward equi-distant channel. The dramatic movement on 6 May created a big long legged doji, which could hint the top of the equi-distant channel is a Resistance Zone for NZDUSD.
Daily Chart of NZDUSD
The 4 hourly chart trend analysis shows that the current up swing is steep and the upward momentum might break the resistance zone.
However, if the up swing fails on the resistance, it is likely to find support on the lower of the equi-distant channel.
4 Hourly Chart of NZDUSD
