NZD/USD has escaped from the down channel and now is located above the downtrend line. The upside breakout signal that we may have an upwards reversal in the short term and that the downside movement is over.
Increasing and passing above the 0.7067 former high indicates that the buyers could take full control and that NZD/USD may resume its growth.
Trading Conclusion!
Jumping above 0.7067 and reaching 0.7080 is seen as a potential buying opportunity with first upside targets at 0.7150 and 0.7200 psychological level. The Stop Loss could be placed and hidden below 0.6946 level.
A drop below 0.6946 could invalidate an upside movement and could bring a new selling opportunity.
The material has been provided by InstaForex Company - www.instaforex.com