Review and dynamics
The pair NZD/USD has been growing since the opening of today's trading session remaining in the ascending channel on the weekly chart with the upper limit above resistance level of 0.7550 (Fibonacci 50.0%after the decline in the pair from the level of 0.8800 since July 2014).
The pair has rebounded from support levels of 0.7100 (the lower limit of the ascending channel on the weekly chart) and 0.7055 (ЕМА50 on the weekly chart) and is moving to the nearest resistance levels of 0.7240 (Fibonacci 38.2%) and 0.7275 (ЕМА144 on the weekly chart), trying to reach resistance level of 0.7380 (ЕМА200 on the weekly chart), which the pair failed to reach earlier. The correction to support level of 0.7055 (ЕМА200 and the lower limit of the ascending channel on the daily chart) amounted to 5.7% or 400 points.
On 4 hour and daily charts the indicators OsMA and Stochastic give buy signals.
In case of breakout of the resistance level of 0.7190, it will be advisable to consider opening long positions with the target of 0.7380 (ЕМА200 on the weekly chart).
Breakout of the resistance level of 0.7380 may trigger further rise in the pair in the ascending channel on the weekly chart.
As long as the pair NZD/USD remains above support level of 0.7055, the uptrend in the pair will continue.
In case of breakdown of the level of 0.7100, next target will be at the level of 0.7055. If important support level of 0.7055 is broken down, the pair may fall to support level of 0.6860 (Fibonacci 23.6%).
Support levels: 0.7100, 0.7085, 0.7055, 0.6975, 0.6930, 0.6900 and 0.6860.
Resistance levels: 0.7190, 0.7240, 0.7275, 0.7380 and 0.7485.
Sell on the market. Stop-Loss: 0.7210. Take-Profit: 0.7100, 0.7085, 0.7055, 0.6975, 0.6930, 0.6900 and 0.6860.
Buy Stop: 0.7210. Stop-Loss: 0.7170. Take-Profit: 0.7240, 0.7275, 0.7380 and 0.7485.
To the target of 0.7275
Rebound from 0.7100