Overview:
- The NZD/USD pair has faced strong support at the level of 0.6970. So, the strong support have already been faced at the levels of 0.6970 and 0.7021. The pair is likely to try to approach it in order to test the price of 0.7021 again. The level of 0.7021 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the NZD/USD pair keeps trading in a bullish trend from the new support levels of 0.7021 and 0.6970. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 0.6970 and 0.7073.Besides, it should be noticed that the double top is set at 0.7136. This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7021 with the first target at the level of 0.7073. If the trend is able to break the double top at the level of 0.7073, then the market will continue rising towards the weekly resistance 2 at 0.7136. On the other hand, it should be noted that the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). Hence, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 0.6930.
