Overview:
- The NZD/USD pair will continue rising from the level of 0.7173. The support is found at the level of 0.7173, which represents the 50% Fibonacci retracement level on the H1 time frame today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.7173. The current price is set at the level of 0.7258. The daily pivot point is seen at 0.7270. Equally important, the trend is in a bullish channel. From this point, we expect the NZD/USD pair to move between the levels of 0.7258 and 0.7343. Equally important, the RSI is still calling for a strong bearish market and the current price is above the moving average 100. As a result, buy above the level of 0.7258 with targets at 0.7270 and 0.7343 in order to form the double top. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bearish wave at the level of 0.7170.
