Weekly NZDUSD analysis

NZDUSD is trading around 0.6970 for the 4th consecutive week. Each time moves below 0.6950 over the last four weeks, bulls step in and push price higher to close the week above it. This can be seen by the long lower tails in the weekly candlesticks.

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Red line - horizontal support

Blue line - resistance

NZDUSD is testing important weekly support. So far support is being respected. For trend to change to bullish, bulls will need to show some signs of strength. The most important sign would be for price to break above the blue downward sloping trend line resistance and make a weekly close above 0.7020. I would expect a strong move higher if bulls recapture 0.7020.

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

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