NZD/USD has continued to increase and now has reached another high. It has climbed to as high as 0.6816 level. So, stabilizing above the 0.68 psychological level indicates more gains ahead.
RBNZ is to release the Official Cash Rate on Wednesday, but I don't think this will have a big impact. Technically, the pair is expected to grow and to approach fresh new highs after its failure to make a new lower low and to confirm a corrective phase.
NZD/USD Upside Activated!
As I've mentioned in the previous analysis, NZD/USD will jump higher if it closes above 0.6743 high. Now, the breakout above the 0.6790 static resistance validates further growth. The immediate upside target is seen at the first warning line (wl1) of the descending pitchfork.
NZD/USD has been staying in the range over the last months and has accumulated more bullish momentum, so I'm expecting the rate to continue its upside journey. The bias is bullish, so I believe that the pair will invalidate the bullish scenario.
- NZD/USD Trading Tips
NZD/USD has managed to close above the 0.6802 former high announcing that the upside will continue. A minor consolidation above the 0.68 psychological level or a valid breakout above the warning line (wl1) will definitely bring a long opportunity. The R2 (0.6933) and the 0.7000 level are seen as short-term targets.
