Overview:
- The NZD/USD pair faced resistance at the level of 0.7316, while support is found at the levels of 0.7242 and 0.7181. Pivot point has already been seen at the level of 0.7242. Equally important, the NZD/USD pair is still moving around the key level at 0.7242 - 0.7305. The price of 0.7242 represents a daily pivot in the H4 time frame. Yesterday, the NZD/USD pair continued moving upwards from the level of 0.7181. The pair rose to the top around 0.7315. The current price is seen at 0.7305. This suggests that the pair will probably go above the daily pivot point (0.7242) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.7315. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7315 with the first target at 0.7350. Then, the pair is likely to begin an ascending movement to 0.7415. The level of 0.7415 will act as a new strong resistance, because the NZD/USD pair will form a new double top. On the other hand, the daily strong support is seen at 0.7181. If the NZD/USD pair is able to break out the level of 0.7181, the market will decline further to 0.7100 today.
