Overview:
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- The NZD/USD pair showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.6841 and 0.6747. The daily resistance and support are seen at the levels of 0.6841 and 0.6747 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed. So, the strong support has been already faced at the level of 0.6747 and the pair is likely to try approaching it in order to test it again and form a double bottom. Hence, the NZD/USD pair continues trading in a bullish trend from the new support level of 0.6747 to form a bullish channel. According to the previous events, we expect the pair to move between 0.6747 and 0.6841 in order to retest it again. Major resistance is seen at 0.6841, while immediate resistance is found at 0.6781. Then, we may anticipate potential testing of 0.6781 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.678, the market will indicate a bullish opportunity above the level of 0.6841. A breakout of that target will move the pair further upwards to 0.6910. Buy orders are recommended above the area of 0.6709 with the first target at the level of 0.6841 and later 0.6910.
