Overview:
- The NZD/USD pair is moving in the bullish trend from the support levels of 0.7181 and 0.7231. The price is in a bullish channel.
- This is confirmed by the RSI indicator signaling that it is still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7231, which coincides with a golden ratio (23.6% of Fibonacci).
- Hence, the first support is set at the level of 0.7231. So, the market is likely to show signs of a bullish trend around the area of 0.7181 - 0.7231.
- In other words, buy orders are recommended above the prices of 0.7181 - 0.7231 with the first target at the level of 0.7293.
- Furthermore, if the trend is able to breakout through the first resistance level of 0.7293. Moreover, the pair could climb towards the second resistance 0.7343).
- However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7131 (last bottom on the H4 chart).
