Overview:
- The NZD/USD pair is still continuing to move downwards from the level of 0.7082 to bottomed at 0.6983.
- Yesterday, the pair dropped from the level of 0.7082 to the low around 0.7032.
- But the pair has rebounded from the bottom of 0.7032 to close at 0.7060 yesterday.
- Today, the first support level is seen at 0.7032, the price is moving in a bullish channel now.
- Furthermore, the price has been set above the strong resistance at the levels of 0.7032 and 0.6983 which coincides with the double bottom.
- This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend.
- As a result, if the NZD/USD pair is able to break out the first resistance at 0.7082, the market will rise further to 0.7141 in order to test the daily resistance 2.
- Consequently, the market is likely to show signs of a bullish trend.
- So, it will be good to buy above the level of 0.7032 with the first target at 0.7082 and further to 0.7143.
- However, stop loss is to be placed below the level of 0.6983.
Daily key levels:
- Major resistance:0.7192
- Minor resistance:0.7143
- Intraday pivot point:0.7082
- Minor support:0.7032
- Major support:0.6983
