NZD/USD Price Analysis: Consolidates in a narrowing price range

• NZD/USD's hourly chart shows a contracting triangle pattern. 
• A breakout would validate the bullish pattern seen on the daily chart.

NZD/USD has created a narrowing price range over the past 48 hours or so, marking a weak follow-through to a bullish falling channel breakout confirmed by Thursday's 0.51% gain. 

The immediate bias will remain neutral as long as the pair is trapped in the contracting triangle (narrowing price range) seen on the hourly chart. A move above the top end of the triangle, currently at 0.7212, would validate the daily chart falling channel breakout confirmed last week and open the doors for a re-test of the Jan. 6 high of 0.7315. 

Alternatively, a range breakdown would shift risk in favor of a drop to the Jan. 18 low of 0.7096. 

Daily and hourly charts

Trend: Neutral

Technical levels