Overview:
The pivot point is seen at the price of 0.7277.
As expected, the NZD/USD pair continues to move upwards from the level of 0.7253. Currently, the price is seen at the point of 0.7253. Today, the first resistance level is seen at 0.7311 followed by 0.7330, while daily support 1 is seen at 0.7253 (50% Fibonacci retracement). According to the previous events, the NZD/USD pair is still moving between the levels of 0.7253 and 0.7330; so we expect a range of 77 pips. Furthermore, the trend is able to break out through the first resistance level at 0.7311. Therefore, buy above the level of 0.7270 with the first target at 0.7311 in order to test the daily resistance 1 and further to 0.7330. Besides, it might be noted that the level of 0.7354 is a good place to take profit because it will form a double top. We should see the pair climbing towards the double top (0.7354) to test it. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.9866, a further decline to 0.7229 can occur which would indicate a bearish market.
The material has been provided by InstaForex Company - www.instaforex.com
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