Overview:
- The NZD/USD pair movement was clear as it took place in an uptrend channel for a while. The market showed signs of stability above the support levels of 0.6822 and 0.6886. Amid the previous events, the price is still moving between the levels of 0.6822 and 0.6967. The daily resistance and support are seen at the levels of 0.6967 and 0.6822 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Hence, the NZD/USD pair is still trading in a bullish trend from the new support level of 0.6886; to form a bullish channel. According to the previous events, we expect the pair to move between 0.6886 and 0.6987. Also, it should be noted that major resistance is seen at 0.6999, while immediate resistance is found at 0.6987. Then, we may anticipate potential testing of 0.6987 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.6987, the market will indicate a bullish opportunity above the level of 0.6987. A breakout of that target will move the pair further upwards to 0.6999 and 0.7031.
- Buy orders are recommended above the area of 0.6886 with the first target at the level of 0.6967; and continue towards 0.7031. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.6987; the market will decline further to the level of 0.6822.
