Overview:
- The NZD/USD pair faces resistance at 0.7288, while strong resistance is seen at 0.7313. Support is found at 0.7245 and 0.7214 levels. The NZD/USD pair will continue rising from the level of 0.7245 in the long term. It should be noted that the support is established at the level of 0.7245 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7245. So, buy above the level of 0.7245 with the first target at 0.7288 in order to test the daily resistance 1. The pair will probably go up because the uptrend is still strong. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.7288 with the second target at 0.7313. At the same time, the breakdown of 0.7313 will allow the pair to go further up to the levels of 0.7342. The level of 0.7342 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7245, a further decline to 0.7184 can occur. It would indicate a bearish market.
