Overview:
- On the one-hour chart, the NZD/USD pair continues moving in a bullish trend from the support levels of 0.7006 and 0.6963. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. Immediate support is seen at 0.7006, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.7006. So, the market is likely to show signs of a bullish trend around the spot of 0.7006. In other words, buy orders are recommended above the golden ratio (0.7010) with the first target at the level of 0.7066. Furthermore, if the trend is able to break out through the first resistance level of 0.7066, we should see the pair climbing towards the next objective (0.7108) to test it. Also, it should be noted that the double top is seen at the point of 0.7147. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6963.
Intraday technical levels:
- R3: 0.7147
- R2: 0.7108
- R1: 0.7066
- PP: 0.7033
- S1: 0.7007
- S2: 0.6963
- S3: 0.6920
