Overview:
- The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7276. On the H1 chart the level of 0.7276 coincides with 50% of Fibonacci, which is expected to act as a minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. So, major support is seen at the level of 0.7276. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.7276 providing a clear signal to buy with a target seen at 0.7276. If the trend will be not able to break the support at 0.7276, the pair will move upwards continuing the bullish trend development to the level 0.7332 in order to test the daily resistance 1. In other words, buy orders are recommended above the spot of 0.7276 with the first target at the level of 0.7332; and continue towards 0.7352. However, if the NZD/USD pair fails to break through the resistance level of 0.7375 in coming days, the market will decline further to 0.7332 in order to retest it again.
