The NZD/USD has been bullish in May, but started to consolidate last week. As we can see in the 1H chart below, the structure of this consolidation is turning out to be a triangle.NZD/USD 1H Chart(click to enlarge)Support Held after RBNZ Event:- We can see that price was sliding down to the triangle support during the 6/21 session.- At the end of the global session, the Reserve Bank of New Zealand (RBNZ) announced that it was holding the official cash rate at its historic low of 1.75%. It did sound slightly optimistic about growth and inflation, but maintained that it would still take a while before they move away from stimulative policy. - As we can see on the 1H chart above, the market respected the triangle support after the RBNZ monetary policy announcement. - However, the immediate reaction brought price near the triangle resistance and the market respected this resistance.- As we start the US session, price again tested this resistance and got rejected. Triangle at Resistance:- When we look at the daily chart, we see a choppy market within a slightly bearish channel.- The triangle we looked at in the 1H chart is occurring at a channel resistance.- Therefore, a breakout above the triangle would be doubly as important because it would also break the channel. This would at least open up the 0.7485 high from 2016. It should be noted that price was bullish before this bearish channel. So a bullish breakout signals continuation of the 2016 uptrend, which means there would be upside risk above 0.7485.- A break below the triangle would at least open up where the 100- and 200-day simple moving averages reside - around and just below 0.71. NZD/USD Daily Chart(click to enlarge)