Overview:
- The NZD/USD pair continued moving upwards from the level of 0.7126.
- Current price is set at 0.7174. The pair rose from the level of 0.7126 (daily support) to the top around 0.7222.
- Today, the first support level is seen at 0.7150 followed by 0.7126, while daily resistance is seen at 0.7280.
- According to the previous events, the NZD/USD pair is still moving between the levels of 0.7126 and 0.7280 in coming hours.
- This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
- The NZD/USD pair faces resistance at 0.7223, while strong resistance is seen at 0.7280.
- Furthermore, if the trend is able to break out through the first resistance level of 0.7223, we should see the pair climbing towards the new double top (0.7280).
- On the other hand, if a breakout takes place at the support level of 0.7126, then this scenario may become invalidated. So, it should be set below the second support of 0.7066.
