Overview:
- The NZD/USD pair has faced strong support at 0.6951 as a resistance level turned into support. So, the strong support is found at 0.6951, and the pair is likely to try to approach it in order to test it again. The 0.6951 level represents a daily pivot point as it acts as minor support today. Furthermore, the NZD/USD pair continues moving in a bullish trend from the new support at 0.6951. Currently, the price is in a bullish channel. Therefore, we expect the NZD/USD pair to move between 0.6951 and 0.7053. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6951 with the first target at 0.7053. If the trend is able to break the double top at 0.7053, then the market will continue rising towards the 0.7075 and 0.7100 levels. On the other hand, if the pair succeeds to pass through the 0.6903 level, the market will indicate a bearish opportunity below the 0.6951 level. Hence, if a breakout happens at the support levels of 0.6951 - 0.6903, the stop loss should be set below the last bearish wave at 0.6903.
