NZD/USD Technical Analysis: Kiwi is struggling despite the falling wedge breakout

The NZD/USD pair witnessed a falling wedge breakout on Monday. So far, however, the bull breakout has failed to put a strong bid under the Kiwi. As seen in the chart below, the upside is being capped around 0.69. The bull breakout and the higher lows would gain credence if NZD/USD establishes a bullish higher-high with a move above the previous day’s high of 0.6912. That would open the doors to the recent high of 0.6969. On the downside, a move below 0.6862 would invalidate the bullish view put forward by the falling wedge breakout.

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