Overview:
- The NZD/USD pair will continue rising from the level of 0.6933 in the long term.
- It should be noticed that the support is established at the level of 0.6905 which represents the daily pivot point on the H1 chart.
- The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6933.
- So, buy above the level of 0.6933 with the first target at 0.6977 in order to test the daily resistance 1. The level of 0.6977 is a good place to take profits.
- The RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.6977, then the market will call for a strong bullish market towards the objective of 0.7009 in coming hours.
- However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6905, a further decline to 0.6860 can occur. It would indicate a bearish market.
