Overview:
- The NZD/USD pair broke resistance which turned into strong support at the level of 0.6851 yesterday. The level of 0.6851 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.80% Fibonacci level, the market is still in an uptrend. From this point, the NZD/USD pair is continuing in a bullish trend from the new support of 0.6851. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6851 and 0.6964. On the H4 chart, resistance is seen at the levels of 0.6851 and 0.7018. Also, it should be noticed that, the level of 0.6901 represents the daily pivot point. Therefore, strong support will be formed at the level of 0.6851 providing a clear signal to buy with the targets seen at 0.6851. If the trend breaks the support at 0.6901 (daily pivot point) the pair will move upwards continuing the development of the bullish trend to the level of 0.6851 and 0.7018 in order to test the daily resistance 2. However, stop loss is to be placed below the level of 0.6817.
