Overview:
- The NZD/USD pair broke resistance which turned to strong support at the level of 0.7174 yesterday. The level of 0.7174 is expected to act as the major support today. From this point, we expect the NZD/USD pair to continue moving in a bullish trend from the support levels of 0.7174 and 0.7157. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Today, the first support level is seen at 0.7174 followed by 0.7157, while daily resistance 1 is found at 0.7201. Besides, the level of 0.7188 represents a weekly pivot point for that it is acting as the major resistance. Hence, the NZD/USD pair continues to move upwards from the level of 0.7188. Amid the previous events, the pair is still in a uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.7174 towards the first resistance level at 0.7201 in order to test it. If the pair succeeds to pass through the level of 0.7174. Generally, the market will indicate a bullish opportunity above the level of 0.7201. However, if a breakout happens at the support level of 0.7157, then this scenario may be invalidated.
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