NZD/USD - a breather in bullish momentum?

After a very bullish end to November, NZD/USD made an indecisive start to December, with a bearish move on Friday that saw the week close out as a pin bar. Price broke and held above the resistance at 0.7030 on the daily timeframe, pushing up to a high of 0.7100 on Thurs. However, during Friday price recovered most of its gains for the week, leaving the weekly candle as a bullish pin bar. That said, price still held above the psychological level of 0.7000 and continued its higher high, higher low structure.

Higher highs and higher lows continue to be posted on the daily and 4H timeframes which means that the overall trend is still bullish. However, the bearish pullback experienced on Friday may persist into the first half of next week and it would be expected given the relentless bullish momentum experienced over the previous few weeks. The ascending 4H trend line, which has buoyed price since early November, has also started to waiver slightly, so for the upcoming week it will be interesting to see if price can remain above 0.7000.