NZD/USD Technical Analysis: Hits 5-week high, further gains likely albeit after a minor pullback

• The NZD/USD is currently trading at 0.6648, having clocked a five-week high of 0.6666 a few minutes before press time.
• The kiwi cleared the trendline falling from April highs and Sept. 26 highs yesterday, confirming a bearish-to-bullish trend change.
• The pair closed yesterday at 0.6653, establishing a bullish higher lows and higher highs pattern. It has found acceptance above the 50-day exponential moving average (EMA). Further, the 5-, 10-day EMAs are beginning to roll over in favor of the bulls.
• The 14-day relative strength index (RSI) and stochastics are printing bullish above 50.00 and looking north.
• Hence, the spot could soon rise above 0.71, albeit after a minor pullback as the hourly chart is showing a bearish divergence of the RSI and stochastic.

Daily Chart

Hourly Chart

Trend: Bullish