Both the AUD and NZD pairs rallied strongly overnight, with the Aussie dollar breaking out nicely. 

But the NZDUSD has been unable to breakout. Having said that, the recent rally from late Oct to late Nov has been impressive.

I think there could be a potential trade for those who like to trade new short-term highs into what we call 'blue-sky territory'.

If the NZD were able to breakout from here, it would be the highest price since April 2018.

This is trading in the direction of the current trend, but do keep in mind there is plenty of bearish divergence at play here too. 

My view is a fake breakout is on the cards, which will potentially be sold into from the bears and those taking profits at these higher levels.