Overview:
- The NZD/USD pair continues to move around the spot of 0.6711. Today, the first support level is currently seen at 0.6711. The NZD/USD pair movement was debatable as it took place in a narrow sideways channel for a while. Furthermore, the price has been set above the strong support at the level of 0.6711, which coincides with the 11.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the NZD/USD pair to trade between 0.6711 and 0.6817. So, the support stands at 0.6711, while daily resistance is found at 0.6817. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6711. In other words, buy orders are recommended above the spot of 0.6711 with the first target at the level of 0.6759; and continue towards 0.6817. However, if the NZD/USD pair fails to break through the resistance level of 0.6817 today, the market will decline further to 0.6711 in order to retest it again.
Observations:
- We expect a range between the levels of 0.6817 and 0.6817 today.
- Pivot point is seen at 0.6759.
