NZD/USD starting to show signs of a bounce, remain bullish

The price continues to test our buying area and ascending channel support. We think that it might be doing a fake breakout now because RSI has not broken below 50% yet. We remain bullish above major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long-term ascending support, bullish price action) for the price to continue its push up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).

RSI (55) major support remains at 50% and only a clean break of that level would be a precursor that a drop is coming.

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.



*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.