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NZDUSD : Trading Within Rising Channel, Breakout Awaited

Since one week NZDUSD is trading within a rising channel pattern as seen on the hourly chart. However today after rising the pair found resistance from the resistance trend line of the channel at .8705 and came under pressure. The pair started falling and currently testing support at .8680 which was previously acting as resistance for the pair. Today investors are eyeing on the upcoming FOMC meeting minutes after the payroll data came lower than expected on Friday and also after Janet Yellen said that there is still a need for accommodative policies for some time.

One should be looking for the breakout of the pair from any of the trend lines of the channel or the support and resistance levels at .8680 and .8705 respectively.