NZD/USD edges higher and could validate further growth. The pair is trading in the green on the H4 chart, so a bullish closure above the current resistance signals more gains and could help us to go long as well.
USDX’s drop has attracted more buyers on this pair as the USD is into agony. Technically, NZD/USD is strongly bullish and is expected to jump way higher. The greenback resumes its depreciation after some poor US data published lately.
NZD/USD Strongly Bullish!
NZD/USD is trading at 0.6924 level right above the R1 (0.6909) static resistance, so a bullish closure, valid breakout suggests further growth and brings a buying opportunity. A bullish closure confirms a new higher high and indicates an extension towards the second warning line (wl2).
The price has decreased a little in the short term only to retest the first warning line (wl1) and to attract more bullish energy. I’ve said in my previous analysis that NZD/USD should climb higher after the aggressive breakout through the PP (0.6846) level.
- NZD/USD Trading Tips
Buy a bullish closure above the R1 (0.6909) and above the 0.6918 former high. The immediate target is seen at the R2 (0.6977) and at the second warning line (wl2).
A valid breakout through the near-term resistance levels validates a larger upside movement.
The material has been provided by InstaForex Company – www.instaforex.com
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