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NZDUSD could reach 0.7160 next.

NZDUSD has broken above key short-term resistance trend line and after back testing it, is now bouncing off of it. We expect price to continue higher towards 0.7160.

analytics6113eb8c2c3ac.jpg

Red line - support

Blue line -resistance (broken)

Black line - resistance

Red rectangle -short-term target

NZDUSD is making higher highs and higher lows in the Daily chart. Price has support at 0.6960 and is now trading at 0.7043. I expect price to continue higher towards the red rectangle area and the black trend line resistance. This scenario is valid as long as price is above 0.6960.

The material has been provided by InstaForex Company - www.instaforex.com