Overview:
- The NZD/USD pair set above strong support at the level of 0.6951, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected four times confirming uptrend veracity. Thus, major support is seen at the level of 0.6951 because the trend is still showing strength above it. Consequently, the pair is still in the uptrend from the area of 0.6951 and 0.7000. The NZD/USD pair is trading in a bullish trend from the last support line of 0.7000 towards the first resistance level at 0.7053 in order to test it. From this point, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.7000 with the first target at 0.7053 and further to 0.7075. If the USD/CHF pair is able to break out the daily resistance at 0.7075, the market will rise further to 0.7100 to approach support 2 today. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7000 and further to the level of 0.7075. However, the trend is still bearish as long as the level of 0.6951 is not broken.
