The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6896. On the H1 chart, the level of 0.6896 coincides with 23.6% of Fibonacci, which is expected to act as a minor support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.6847. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed upwards. Therefore, strong support will be found at the level of 0.6896 providing a clear signal to buy with a target seen at 0.6998. If the trend breaks the minor resistance at 0.6998, the pair will move upwards continuing the bullish trend development to the level 0.7053 in order to test the double top. However, if the NZD/USD pair fails to break through the resistance level of 0.6998 today, the market will decline further to 0.6847 again.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Overview:
Thus, the market is indicating a bullish opportunity above the mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed upwards.
Therefore, strong support will be found at the level of 0.6896 providing a clear signal to buy with a target seen at 0.6998.
If the trend breaks the minor resistance at 0.6998, the pair will move upwards continuing the bullish trend development to the level 0.7053 in order to test the double top.
However, if the NZD/USD pair fails to break through the resistance level of 0.6998 today, the market will decline further to 0.6847 again.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: