Overview:
- The NZD/USD pair broke resistance at 0.7288 which turned into strong support. This level coincides with 78.6% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed for the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily support (0.7288) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.7288. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7288 with the first target at 0.7343 (the double top is already set at 0.7343). Then, the pair is likely to begin an ascending movement to 0.7373 mark and further to 0.7400 levels. The level of 0.7400 will act as strong resistance. On the other hand, the daily strong support is seen at 0.7288. If the NZD/USD pair is able to break out the level of 0.7288, the market will decline further to 0.7245(daily support 2).
The material has been provided by InstaForex Company – www.instaforex.com
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