Overview:
- The NZD/USD pair continued moving upwards from the level of 1.1332. Yesterday, the pair rose from the level of 0.7259 to the top around 0.7340. Today, the first support level is seen at 0.7259 followed by 0.7206, while daily resistance is seen at 0.7388. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7206 and 0.7388; for that we expect a range of 182 pips. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7313, we should see the pair climbing towards the new double top (0.7388). Currently, the price is in a bullish channel. On the contrary, if a breakout takes place at the support level of 0.7206, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7206.
