Overview:
- The support level for the NZD/USD pair is seen at 0.7261. The pair has formed a double bottom at 0.7221.
- According to previous events, the double bottom also coincides with the major support this week.
- Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the support levels of 0.7261 and 0.7221.
- It will be advantageous to buy above the support area of 0.7261 with the first target at 0.7312 so as to test the double top in the H1 chart.
- Additionally, if the pair breaks the price of 0.7312, then it will continue towards 0.7350 with a view to test the weekly resistance 1.
- However, the stop loss has always been taken into account. Thus, it will be useful to set it below the support at the level of 0.7221.
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