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NZD/USD - 0.80 is Key Resistance

NZD/USD has been consolidating since late September, when it marked the latest low on the year at 0.7707. Since then, the market has rallied back to the 0.80 area.

NZD/USD 4H Chart 10/22(click to enlarge)

The 0.80 psychological area appears to be holding resistance for now. One might say the market is now in an ascending triangle in October, but others might argue that it is more of a rising channel.

Either way, price is in a sell area around 0.80, which is also reinforced by a 200-period SMA in the 4H chart. 

At this point a clear break above 0.80 and then a subsequent hold above 0.7950 should suggest further bullish correction. 

Otherwise, a break below 0.7880 would clear the SMAs and break October's rising trendline, which would suggest bearish continuation, first to the 0.78 handle, then the 0.7707 support.