Bullish target for NZD/USD
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Trade idea
BUY 0.6830; TP 0.6890; SL 0.6795
NZD/USD made a confident rebound during the recent two weeks. However, if we look at the W1 chart, we’ll see that a major resistance is near in the 0.6890 area (resistance line connecting April and December highs, 50-week MA, 78.6% Fibo of the December-January decline). Only an advance above this level will open the way to the next key point at 0.70.
So far, the pair has all chances to visit 0.6890. It stayed above the 200-day MA at 0.6795 yesterday and the 50-day MA is about to get above the 200-day one, which is a bullish sign. As a result, long positions are the main strategy for now.
