The NZD/USD pair is continuing to rise from the level of 0.7471 in the long term. It should be noted that the support is established at the level of 0.7471 which represents the 78.6% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame.
Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest levels of 0.7471 and 0.7497. So, buy above the level of 0.7497 with the first target at 0.9560 in order to test the daily resistance 1 and further to 0.7587. Also, it might be noted that the level of 0.7587 is a good place to take profit because it will form a new double top.
On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7471, a further decline to 0.7424 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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