Overview:
- The NZD/USD pair is in a bullish trend from the support levels of 0.7121 and 0.7053. As a consequence, the first and second support levels are seen at 0.7121 and 0.7053 respectively. Currently, the price is in a strong bullish channel and the breakout happens at the top of 0.7121. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), major support is seen at 0.7053, which coincides with a golden ratio (61.8% of Fibonacci retracement levels). Consequently, the first support is set at the level of 0.7121. So, the market is likely to show signs of a bullish trend around the spot of 0.7121. In other words, buy orders are recommended above the level of 0.7121 with the first target at the level of 0.7200. Furthermore, if the trend is able to breakout through the major resistance level of 0.7200, we should see the pair climbing towards the third resistance (0.7248). It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7053.
