Overview:
- The NZD/USD pair continues to move upwards from the level of 0.6905. Today, the first support level is seen at 0.6905; the price is moving in a bullish channel now. Furthermore, the pair has set above the strong support at the level of 0.6905. Today the current rise will remain within a framework of correction, as seen on the one-hour chart. The NZD/USD pair didn't make any significant movements yesterday. There are no changes to our technical outlook. The bias remains bullish in the nearest term testing 0.7048 or higher. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the NZD/USD pair to trade between 0.6905 and 0.7005. So, the support stands at 0.6905, while daily resistance is seen at the 0.7005 level. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6950. In other words, buy orders are recommended above 0.6950 with the first target at the level of 0.7005 and the next one at 0.7048. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7005, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the first support of 0.6900.
