Overview:
- On the one-hour chart, the NZD/USD pair continues moving in a bullish trend from the support level of 0.7293.
- Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
- The bias remains bullish in the nearest term testing 0.7359 and 0.7389. Immediate resistance is seen around 0.7359 levels, which coincides with the daily pivot.
- Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bullish opportunity above 0.7359.
- So it will be good to buy at 0.7359 with the first target of 0.7389. It will also call for a n uptrend in order to continue towards 0.7430.
- The strong weekly resistance is seen at the level of 0.7430.
- However, if a breakout happens at the support level of 0.7263, then this scenario may be invalidated.
