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NZD/USD upside reversal

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NZD/USD trendline breakout

The NZD/USD pair jumped above the immediate downtrend line signaling that the downside movement could be over and that the buyers could push it higher. The 0.6997 - 0.6991 zone stands as a downside obstacle. The price has found demand around these levels, so as long as it stays above these support levels, NZD/USD could try to develop a new upward movement.

In the short term, NZD/USD is likely to be moving sideways beween 0.6991 and 0.7068 levels. A larger upward movement could be confirmed by a breakout above 0.7068 level, a former high.

NZD/USD trading conclusion

As long as NZD/USD is trapped between 0.7068 and 0.6991 levels, we don't have a good trading opportunity as the currency pair could move sideways. Jumping and staying above 0.7068 could announce an upside continuation and could bring new buying opportunities.

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