Overview:
- Pivot point: 0.7205.
- The NZD/USD pair is showing marks of strength following a breakout of the top level of 0.7122. The level of 0.7122 coincides with 78.6% of Fibonacci, which is expected to act as major support today. Since the trend is above the 78.6% Fibonacci level, the market is still in an uptrend. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found around the spot of 0.7122 - 0.7159 providing a clear signal to buy with a target seen at 0.7250. If the trend breaks the first resistance at 0.7250, the pair will move upwards continuing the bullish trend development to the level 0.7305 in order to test the daily resistance 2. However, if the NZD/USD pair succeeds to break through the support level of 0.7122 today, the market will decline further to 0.7057 for that it will of the wisdom to set your stop loss at the price of 0.7110.
