Overview:
- The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7174. According to the previous events, we expect the NZD/USD pair to trade between 0.7174 and 0.7261. So, the support is seen at 0.7174, while daily resistance is found at 0.7261. Therefore, the market is likely to show signs of a bullish trend around the area of 0.7174. Hence, we foresee the price to set above the strong support at the levels of 0.7174 and 0.7136; because the price is in a bullish channel now. The RSI starts signaling an upward trend above the spot of 0.7174. In other words, buy orders are recommended above the spot of 0.7174 with the first target at the level of 0.7229; and continue towards 0.7261. However, if the NZD/USD pair fails to break through the resistance level of 0.7261 today, the market will decline further to 0.7174 so as to retest the first weekly support.
