Technical outlook:
An hourly chart has been presented for NZD/USD to have a short-term outlook for probable trade direction. The NZD/USD pair has been making higher highs and higher lows since 0.6700 levels as depicted here. Prices clearly stay above the trend line support, well into its buy zone. Since hitting highs at 0.6870 levels, the kiwi has been consolidating within a potential contracting triangle structure. Besides, please note that interim price support comes in at 0.6820, followed by 0.6750 levels, while interim resistance is seen at 0.6870 levels respectively. Looking into the current wave structure, the NZD/USD pair is expected to rally through 0.6870 levels, until prices stay above 0.6820 levels. The potential upside target could be close to 0.6900 levels. A potential bearish setup is then expected which could retrace the entire rally between 0.6700 and 0.6900 levels respectively.
Trading plan:
Long around 0.6830/40, stop below 0.6820, target 0.6900
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com