Overview:
The NZD/USD pair fell from the level of 0.7140 to the bottom around 0.7034. But the pair has rebounded from the bottom of 0.7034 to climb at 0.7181. Today, the first resistance level is seen at 0.7205, and the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.7140, which coincides with the 23.6% Fibonacci retracement level. This support has broken easily this morning. Additionally, the RSI starts signaling an upward trend. As a result, if the NZD/USD pair is able to break out the first resistance at 0.7205, the market will rise further to 0.7259 in order to test the weekly resistance 1. In the H4 time frame, the pair will probably go up because the uptrend is still strong after breaking some major resistance this morning. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.7140-0.7080 with the first target at 0.7206 and further to 0.7259 or higher. At the same time, the breakdown of 0.7140 will allow the pair to go further down to the levels of 0.7034 in order to retest the double bottom again.