The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.
Three weeks ago, a bullish engulfing candlestick was expressed around 0.6520.
Two weeks ago, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place.
Temporary bearish rejection should be expected around 0.6750 and 0.6840 (daily resistance levels) on the daily chart. Actually, an earlier bearish rejection had been expressed two weeks ago on Friday.
On the other hand, an estimated projection target for this flag pattern is located at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.
Last Tuesday, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick in the H4 chart.
Shortly after, the NZD/CAD pair found temporary resistance around 0.6700 and 0.6750 providing evident bearish rejection.
For NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponds to the depicted uptrend and the upper limit of the broken consolidation range).
S/L should be elevated to 0.6720 to secure some of the achieved profits.
The level of 0.6840 remains the significant resistance level to offer a valid Intraday sell entry.
On the other hand, bearish fixation below 0.6750 opens the way towards 1.6700 where a valid buy entry can be offered.
The price level of 1.6700 corresponds to the depicted uptrend line as well as a recent support level. S/L should be located below 1.6650. T/P levels are projected towards 1.6840 and 1.6900.
The material has been provided by InstaForex Company - www.instaforex.com