Technical Analysis: NZDUSD prints gramophone at multi-month high, 0.6800 in focus
Be it the broad market optimism or the RBNZ's comments suggesting no fears from the multi-month high of the NZDUSD pair, the quote manages to cheer everything while refreshing the highest since July 2019. Even so, gramophone formation on the daily chart joins overbought RSI conditions to challenge the further upside past-0.6800 round-figures. Should the bulls keep dominating past-0.6800, multiple highs marked during early 2019 near 0.6940 and the 0.7000 psychological magnet will gain the market attention.
On the contrary, the pair's reversal from the current levels around 0.6785 may bounce off July 31 peak close to 0.6715, if not then 0.6650 may return to the chart. Keeping in mind the trend-widening technical pattern, the pair's downside past-0.6650 may take a rest on a 50-day EMA level near 0.6565 before visiting the formation's support around 0.6505.