NZD/USD has finally risen above its 2014 down-trendline

NZD/USD has finally risen above its 2014 down-trendline this week at 0.6823 and eyes test of its 233-DMA at 0.6937 for 1st time since Aug. 2014. DeMark and momentum indicators suggest rally may pause thereafter, Bloomberg strategist Vassilis Karamanis writes.
New Zealand’s central bank Governor Wheeler said inflation to return to target with current interest-rate setting
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Risk reversal curve steepens in the front-end compared to a wk ago as traders position for rally extension

NZD/USD: Approaches major topside hurdle at 233-DMA, currently at 0.6937

DeMark TD sequential shows pair attempts to form potential ’13’ Sell Countdown series, now at bar ’11’

Typically, following completion of a Sell Countdown, price will decline within next 12 price bars

9-day RSI rises to overbought lvls, still points higher

Slow stochastics indicator paints similar picture (see chart)

Strong resistance seen ~0.7130/0.7230 (near 61.8% Fibo lvl, June 10 high)

Daily View: Bullish

Resistance: 0.6897; 0.6937; 0.7025/28
Spot: 0.6876
Support: 0.6792; 0.6761; 0.6721
NOTE: Kiwi 2014 Bear Trend at Risk; 0.7048 Exposed