Here's hoping that the China data this evening will break this out.
NZD/USD About to Break from Recent Congestion
Congestion after Breakout: The NZD/USD broke above October’s declining consolidation trendline last week on 10/24 when it swung from near 0.81 to about 0.8240. It has since fallen into a congestion pattern, or a triangle as seen in the 4H chart. Momentum: The RSI reflects the same dynamic in momentum, kissing 70 then getting stuck between 40 and 60. The fact that it remained above 40 suggests that there is very short-term bullish bias especially if it can push back above 60. This scenario would accompany a price breaking above the 0.8240 high from last week. Breakout: A break above 0.8240 does suggest further ... (full story)