NZD/USD testing major support, remain bullish for a bounce

The price is testing major support at 0.7258 (Fibonacci extension, horizontal swing low support, channel support, bullish divergence) and we expect to see a nice bounce above this level for a rise to at least 0.7337 resistance (Fibonacci retracement, horizontal pullback resistance, potential channel resistance).

Stochastic (34,5,3) is bouncing nicely off our 8% support and also displays bullish divergence vs price signaling that a bounce is impending.

Buy above 0.7258. Stop loss is 0.7236. Take profit is at 0.7337.


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