Overview:
- The NZD/USD pair has faced strong support at the levels of 0.6970 and 0.7021. So, the strong support has already been faced at the levels of 0.6970 and 0.7021 today.
- The pair is likely to try to approach it in order to test the price of 0.7021 or 0.7073 again.
- The level of 0.7073 represents a daily pivot point for that it is acting as minor support today.
- The NZD/USD pair keeps trading in a bullish trend from the new support levels of 0.7073, 0.7021 and 0.6970.
- Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7073 and 0.187.
- 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 0.7070 with the first target at the level of 0.7136.
- If the trend is able to break the double top at the level of 0.7136, then the market will continue rising towards the weekly resistance 2 at 0.7136.
- On the other hand, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bearish wave at the level of 0.6970.
