The NZD/USD chart currently exhibits a bullish trend, indicating that the price may potentially continue its upward momentum. As such, it is anticipated that the price may potentially bounce off the first support level at 0.6133 and head towards the first resistance level at 0.6214.
The first support level at 0.6133 is considered a strong support level due to being an overlap support and coinciding with the 78.60% Fibonacci retracement level. This level has previously acted as an area of buying interest, making it a significant level for traders to keep an eye on.
The second support level is situated at 0.6093, which is a multi-swing low support. This level has also previously attracted buying interest and could potentially act as an additional support level in the event of further price drops.
In terms of resistance levels, the first resistance level is located at 0.6214, which is a multi-swing high resistance and coincides with the 50% Fibonacci retracement level. This level has previously acted as a significant area of selling interest, and a breakout above this level could trigger further bullish momentum.
The second resistance level is located at 0.6280, which is a pullback resistance level. This resistance level is also significant as it may potentially serve as a barrier to any upward price movements.
The material has been provided by InstaForex Company – www.instaforex.com
The NZD/USD chart currently exhibits a bullish trend, indicating that the price may potentially continue its upward momentum. As such, it is anticipated that the price may potentially bounce off the first support level at 0.6133 and head towards the first resistance level at 0.6214.
The first support level at 0.6133 is considered a strong support level due to being an overlap support and coinciding with the 78.60% Fibonacci retracement level. This level has previously acted as an area of buying interest, making it a significant level for traders to keep an eye on.
The second support level is situated at 0.6093, which is a multi-swing low support. This level has also previously attracted buying interest and could potentially act as an additional support level in the event of further price drops.
In terms of resistance levels, the first resistance level is located at 0.6214, which is a multi-swing high resistance and coincides with the 50% Fibonacci retracement level. This level has previously acted as a significant area of selling interest, and a breakout above this level could trigger further bullish momentum.
The second resistance level is located at 0.6280, which is a pullback resistance level. This resistance level is also significant as it may potentially serve as a barrier to any upward price movements.
The material has been provided by InstaForex Company – www.instaforex.com
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