Since the beginning of the year the currency pair gained almost 1.0% additionally last week rose more than 0.5% and is in a bearish phase since mid-March.
Last week the NZDUSD rose with a wide range and closed near the high of the week, however closed within the previous week range, which suggests being slightly on the bullish side of neutral.
The stochastic is showing an oversold market although is still displaying a strong bearish momentum.
The formation of the triple bottom potentially be signaling the exhaustion of sellers and a push upward may be expected.
Expecting an upward move to a Fibonacci retracement at 0.7216 on a break above other Fibonacci retracement at 0.7050 (scenario 1) however a bounce from other Fibonacci retracement at 0.6916 may push currency pair back up to a Fibonacci retracement at 0.7050 (scenario 2).