Overview:
- The NZD/USD pair will continue rising from the level of 0.6886 today. So, the support is found at the level of 0.6886, which represents the yesterday's bottom at the H1 time frame. Since the trend is above the level of 0.6886, the market is still moving up. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.6890. The current price is set at the level of 0.6910 that acts as a daily pivot point seen at 0.6915. Equally important is that the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6890 and 0.6961. Therefore, strong support will be formed at the level of 0.6890 providing a clear signal to buy with the targets seen at 0.6991. If the trend breaks the support at 0.6991(first resistance), the pair will move upwards continuing the development of the bullish trend to the level of 0.7000 in order to form a new double top at the same time frame. Support is seen at the levels of 0.6886 and 0.6838. The stop loss should always be taken into account. It will be reasonable to set your stop loss at the level of 0.6810 (below the support 2).
Comment:
- Resistances: 0.6964 and 0.7000.
- Pivot point: 0.6915.
- Support: 0.6886 and 0.6838.
