NZD/USD started to increase again after failing to stabilize below the 0.6946 level. You can see that the pair has found strong demand around this level in the past. Still, the pressure remains high as long as it stays under the downtrend line.
Only a new drop below 0.6946 could really signal a further decline. NZD/USD could register an important growth if it jumps and stabilizes above 0.7000 level.
Trading Conclusion!
Its failure to stay under 0.6946 was seen as a buying opportunity in the short term with a potential upside target at 0.7000 level.
The material has been provided by InstaForex Company - www.instaforex.com