NZD/USD Technical Analysis: Flag breakout seen on 15-min chart

NZD/USD could jump 30 odd pips to 0.68 in the next few hours, according to the bull flag breakout seen in the 15-minute chart.

That pattern usually accelerates the preceding bullish move and creates room for a move equal to the height of the pole. The pair, therefore, may chew through supply, if any, around 0.68 and extend gains to 0.6821 (target as per the measured move method). The 15-min relative strength index (RSI) of 56.00 is also supporting the bullish case put forward by the flag breakout.

The bullish outlook would be invalidated below 0.6760.

15-minute chart

Trend: Bullish