NZD vs USD

My impression of New Zealand is that it is closely link with Australia, not only with similarity in history, culture and its economy. Both countries as far as my understanding goes depends heavily on agriculture development. Strange as it may seem, I am finding NZD behaves differently from AUD against USD.


Fig 1 NZD Vs USD Weekly Chart

I am not saying that there is still a risk investing in NZD right now, it has broken a long term support trend line and it could be on a rebound before it heads south. Hoever the formation of its congestion interests me. It formed a downward wedge indicating that this currency is heading North against USD. Base on the measurement, NZD should heads upward to USDo.783 per NZD.

While the indicators are reaching the top, my feel is that there are stil room for development for RSI and Stochastic. At present it may probably be making a flag or penant consolidation before it moves further. The only obstacle in its way would be the on coming Gann Grid resistance at USD0.7546. At the same time, it is supported by its 21 weeks moving average at USD0.713

Nevertheless, an important trendline support is broken, probably this would be its last rush before retreating.