Overview:
- The NZD/USD pair faced resistance at the level of 0.7312, while minor resistance is seen at 0.7291. Support is found at the levels of 0.7271 and 0.7245. Yesterday, the NZD/USD pair continued to move upwards from the level of 0.7271. The pair rose from the level of 0.7271 to the top around 0.7291. In consequence, the NZD/USD pair broke resistance, which turned strong support at the levels of 0.7270 and 0.7245. Today, the level of 0.7245 is expected to act as major support. Hence, we expect the NZD/USD pair to continue moving in the bullish trend from the support level of 0.7270 towards the target level of 0.7312. If the pair succeeds in passing through the level of 0.7312, the market will indicate the bullish opportunity above the level of 0.7312 in order to reach the targets at the levels 0.7312 and 0.7359 to test the double top in the H1 time frame. However, the price spot of 0.7359 - 0.7380 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 0.7380 is not breached. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7380, the market will decline further to 0.7342.
