Overview:
- The NZD/USD pair will continue rising from the level of 0.6759 today. So, support is found at the level of 0.6759, which represents the 78.6% Fibonacci retracement level in the H1 time frame. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.6759. The current price is set at the level of 0.6800 that acts as a daily pivot point seen at 0.6800. Equally important is that the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6759 and 0.6871. Thus, strong support will be formed at the level of 0.6759 providing a clear signal to buy with the targets seen at 0.6871. If the trend breaks the support at 0.6871(first resistance), the pair will move upwards continuing the development of the bullish trend to the level 0.6900 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 0.6900 and 0.6950. However, in case you bought at the level of 0.6759, then the stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 0.6670 (below the support 2).
