Overview:
- The NZD/USD pair continues to move upwards from the level of 0.6678. Today, the first support level is currently seen at 0.6678, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6678, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the NZD/USD pair to trade between 0.6678 and 0.6882. So, the support stands at 0.6678, while daily resistance is found at 0.6882. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6680. In other words, buy orders are recommended above the spot of 0.6680/0.6700 with the first target at the level of 0.6819; and continue towards 0.6882. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.6783 today, the market will decline further to 0.6650.
Intraday technical levels:
- R3: 0.6882
- R2: 0.6819
- R1: 0.6749
- PP: 0.6702
- S1: 0.6678
- S2: 0.6628
- S3: 0.6601
