Overview:
- The NZD/USD pair movement was clear as it took place in an uptrend channel for a while. The trend showed signs of a bullish market. Amid the previous events, the price is still moving between the levels of 0.7191 and 0.7283. The daily resistance and support are seen at the levels of 0.7250 and 0.7283 respectively. Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7191; to form a bullish channel. Besides, it should be noted major resistance is seen at 0.7283, while immediate resistance is found at 0.7255. Then, we may anticipate potential testing of 0.7255 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7255, the market will indicate a bullish opportunity above the level of 0.7255. A breakout of that target will move the pair further upwards to 0.7283. Buy orders are recommended above the area of 0.7191 with the first target at the level of 0.7255; and continue towards 0.7283. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.7283; the market will decline further to the level of 0.7255 to set around it for a while. Generally, we still prefer a bearish market in coming hours.
