FX.co ★ NZD/USD profit target reached, time to start buying

NZD/USD has dropped and reached our profit target. We are looking for buying opportunities above 0.6833 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a push up to 0.6940 resistance (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance).

Stochastic (21,5,3) is seeing strong support above 9.2% from where we expect a bounce.

Correlation analysis: NZD/USD and AUD/USD are positively correlated meaning they usually move together in the same direction. We are expecting the both pairs to rise which goes well with the positive expected correlation.

Buy above 0.6883. Set stop loss at 0.6857 and take profit at 0.6940.