Overview:
- The NZD/USD pair continues moving in a bullish trend from the support levels of 0.7141 and 0.7207.
- Probably history will repeat itself today again. Currently, the price is in a bullish channel.
- This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
- As the price is still above the moving average (100), immediate support is seen at 0.7207, which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support is set at the level of 0.7207.
- So, the market is likely to show signs of a bullish trend around the spot of 0.720. In other words, buy orders are recommended above the golden ratio (0.7207) with the first target at the level of 0.7260.
- Furthermore, if the trend is able to breakout through the first resistance level of 0.7260.
- We should see the pair climbing towards the double top (0.7313) to test it. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7207.
- Amid the previous events, the pair is still in an uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.7207 towards the major resistance level at 0.7313.
The material has been provided by InstaForex Company – www.instaforex.com
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