Our first upside target which we predicted in previous analysis has been hit. NZD/USD is still trading with a bullish outlook. The pair bounced off its nearest support base around 0.6925, and is likely to challenge the next resistance at 0.6960. The relative strength index is heading upward, without showing any reversal signal. Furthermore, the 20-period moving average is also turning up, and calls for further upsides. Hence, as long as 0.6925 is not broken, look for a new rise to 0.6960 and 0.6975 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6960, 0.6975, and 0.7005
Support levels: 0.6900, 0.6885, and 0.6850
