The NZD/USD pair fell to the bottom at 0.6847 yesterday. Today, the NZD/USD pair has faced strong support at the level of 0.6847. So, the strong support has been already faced at the level of 0.6847 (double bottom). Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.6847 forming a bullish channel. According to the previous events, we expect the pair to move between 0.6847 and 0.6998. Also, it should be noted that major resistance is seen at 0.6998, while immediate resistance is found at 0.6922. Then, we may anticipate potential testing of 0.6922 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.6922, the market will indicate a bullish opportunity above the level of 0.6998. A breakout of that target will move the pair further upwards to 0.6998. Buy orders are recommended above the area of 0.6922 with the first target at the level of 0.6950; and continue towards 0.6998. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.6998; the market will decline further to the level of 0.6847 so as to try to approach it in order to test the double bottom again.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
Moreover, if the pair succeeds in passing through the level of 0.6922, the market will indicate a bullish opportunity above the level of 0.6998. A breakout of that target will move the pair further upwards to 0.6998.
Buy orders are recommended above the area of 0.6922 with the first target at the level of 0.6950; and continue towards 0.6998. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.6998; the market will decline further to the level of 0.6847 so as to try to approach it in order to test the double bottom again.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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