Daily Forex Update: NZD/USD

By: Dima Chernovolov

NZD/USD continues to rise toward the Key Resistance Level 0.6942 – which was previously identified by Autochartist on the daily charts. Autochartist rates the strength of this Resistance Level at the 3 bar level which is the result of the three previous price reversals from this price level. NZD/USD is expected to rise further toward this Key Resistance Level – in line with the earlier sharp upward reversal from the combined support area shown below.

As can be seen from the daily NZD/USD below, the price earlier revered up from the support area lying at the intersection of the 100-day moving average, support level 0.6720 (which has been reversing the start of January) and 50% Fibonacci correction of the previous upward impulse from last month. The proximity of this support area increases the probability NZD/USD will continue to rise toward the Key Resistance Level 0.6942.

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