Overview:
- The NZD/USD pair continues to move upwards from the level of 0.7299. Last week, the pair rose from the level of 0.7299 to the top around 0.7375. The current price is seen at 0.7330. So, today the support is seen at 0.7299 (this level of 0.7299 coincides with the ratio of 61.8% Fibonacci retracement). On the other hand, the first resistance level is seen at 0.7352 followed by 0.7375, while minor support is found at 0.7299. Also, the level of 0.7299 represents a daily pivot point for that it is acting as minor support at the moment. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.7299 towards the first resistance level at 0.7352 in order to test it. If the pair succeeds to pass through the level of 0.7352, the market will indicate a bullish opportunity above the level of 0.7352 so as to reach the next objective of 0.7375.
Trading recommendations:
- Therefore, strong support will be found at the level of 0.7299 providing a clear signal to buy at this spot 0.7300 with a target seen at 0.7352. If the trend breaks the minor resistance at 0.7352, the pair will move upwards continuing the bullish trend development to the level 0.7375.
